Less Ads, More Data, More Tools Register for FREE

Argo Blockchain increases mining revenue in July; reduces loan

Fri, 05th Aug 2022 15:24

(Alliance News) - Argo Blockchain PLC on Friday announced an increase in Bitcoin mining revenue and the company anticipates better performance as it completes its machine swap during July.

The blockchain technology company reported an increase in bitcoin mining revenue in July to GBP3.9 million from GBP3.4 million in June. This was generated at a bitcoin and bitcoin equivalent mining margin of 37%, down from a 50% margin the month before.

During the month of July Argo sold 887 Bitcoin for an average price of USD22,670. The proceeds were used to reduce the company's BTC-backed loan with Galaxy Digital as well as to fund operating expenses and capital growth. At the end of July, the remaining amount to be paid was USD6.7 million from USD22 million in June.

Argo Blockchain completed its S19 machine swap with its business partner, Core Scientific, in July. It expects to have greater control over operations and to generate better performance from its mining machines.

Electricity costs for the month were higher than anticipated at Argo's Helios facility in Texas. This is due to the higher natural gas prices as a result of the war in Ukraine, as well as increased demand for air-conditioning during an "unusually" hot and dry summer. The company said it is looking to extend its current power purchase agreement, which enables Argo to pay index power prices.

Shares in Argo Blockchain were up 0.5% at 41.00 pence on Friday in London.

By Dominique Pretorius; dominiquepretorius@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

Related Shares

More News
30 May 2024 16:37

UK shareholder meetings calendar - next 7 days

23 May 2024 17:27

EARNINGS: Eneraqua in "difficult" year; Gusbourne revenue up

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately report...

16 May 2024 15:45

UK earnings, trading statements calendar - next 7 days

3 May 2024 16:48

TRADING UPDATES: Fletcher King sees materially higher full-year sales

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:

25 Apr 2024 12:47

Argo Blockchain narrows annual loss amid bitcoin recovery in 2023

(Alliance News) - Argo Blockchain PLC on Thursday said the company strengthened its financial position last year, thanks to cost cutting and a rally i...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.