Argo Blockchai. Share News (ARB)

(Alliance News) - Argo Blockchain PLC on Wednesday said bitcoin or bitcoin equivalents, or BTC, mining production fell in June from May, due network difficulties and issues at its mining facility in Texas.

The London-based cryptocurrency miner said it mined 139 BTC in June, down from 173 BTC in May and 144 BTC in April. Argo Blockchain mined 4.6 BTC per day in June, down from 5.6 BTC in May and 4.8 BTC in April.

Mining revenue in June was USD3.8 million, down 19% from USD4.8 million in May.

The decline in bitcoin mining in June from May was due to higher average network difficulty and an increased curtailment of mining operations at the Helios facility in the US state of Texas, Argo Blockchain said.

It added that while the curtailment reduced the number of BTC mined, Argo Blockchain expects to receive additional cash proceeds from "certain power trading activities undertaken" by the operator of Helios.

At the end of June, Argo Blockchain said it held 44 BTC, down from 50 BTC at the end of May.

Argo Blockchain also noted that it has begun receiving and installing new BlockMiner machines at its facilities in Quebec, Canada.

With the company's total hashrate capacity currently 2.5 quintillion hashes per second, Argo Blockchain said the new BlockMiner machines, once fully deployed, are expected to increase its hashrate capacity by 12% to around 2.8 quintillion hashes per second.

Shares in Argo Blockchain were up 1.0% to 12.63 pence each in London on Wednesday morning.

By Greg Rosenvinge, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.