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(Alliance News) - Argo Blockchain PLC on Tuesday said it generated 163 Bitcoins during July, equivalent to GBP1.4 million of cryptoassets.
The GBP1.4 million figure is based on a Bitcoin price of USD10,122 at the end of July. The margin on the mining was about 80%, which Argo said "continues to demonstrate the company's efficiency and cements its belief that it is one of the most efficient crypto miners in the market".
New mining equipment is still being installed and 1,000 Z11 plus a further 2,269 S17 Antminers are now in production at Argo's cryptocurrency mining facility in Quebec.
By the end of the fourth 2019 quarter, another 7,000 state-of-the-art mining machines are to be delivered and commence production. Argo's production capacity for the next five months will almost treble as a result of this to 500 Petahash by fourth quarter end.
Argo Executive Chair Mike Edwards said: "We are pleased with the mining results in July as they demonstrate that we can use our existing investment in people and facilities and add new mining hardware with no increase in staffing and no material increases in non-mining costs. This operational gearing is very important as we triple our mining capacity over the next two quarters with no significant increase in non-mining costs."
Shares in Argo were up 0.7% at 7.10 pence in London on Tuesday.