Argo Blockchain mines more bitcoin in September on power credits

(Alliance News) - Argo Blockchain PLC on Thursday reported an increase in bitcoin mined during September, which it attributed to significant power credits from economic curtailment.

In September, the London-headquartered cryptocurrency mining company mined 136 bitcoin or bitcoin equivalents, or 4.5 BTC per day. This represented a 34% rise from 3.4 BTC per day in August.

Argo attributed this increase to power credits saved up from economic curtailment, which it said helped to reduce electricity costs, improve mining margin, and increase cash flow. There were also fewer hours of curtailment at Helios in September.

Helios is a 125,000 square foot Bitcoin mining facility with 180 megawatts of power capacity. It was designed and constructed by Argo, and mining operations began in May 2022.

Mining revenue for September amounted to USD3.6 million, up 23% from USD2.9 million in August.

As of September 30, Argos held 32 BTC. It said the drop in BTC from 49 at the end of August was primarily due to the periodic revaluation of its non-Bitcoin digital asset holdings.

Argo Blockchain shares were trading 2.6% higher at 8.21 pence each in London on Thursday morning.

By Holly Beveridge, Alliance News reporter

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