Argo Blockchain plc, a global leader in cryptocurrency mining, has released its operational update for September 2023, showcasing positive results and growth in key areas. The company mined 136 Bitcoin or Bitcoin Equivalents (BTC) during the month, representing a daily average of 4.5 BTC. This marks a 34% increase compared to August 2023, primarily due to fewer hours of curtailment at the company’s Helios facility. Additionally, Argo accrued significant power credits from economic curtailment, which will reduce electricity costs, improve mining margins, and increase cash flow.
Mining revenue for September 2023 amounted to $3.59 million, a 23% increase compared to the previous month. The company’s mining operations continue to perform well, contributing to its financial growth and stability. However, Argo’s BTC holdings decreased from 49 to 32 at the end of September 2023 due to the periodic revaluation of its non-Bitcoin digital asset holdings.
In September, Argo completed the deployment of its BlockMiner machines, which represent approximately 0.3 EH/s of hashrate capacity deployed at the company’s Quebec facilities. This deployment contributed to an increase in the company’s total hashrate capacity, which is now approximately 2.8 EH/s. The expansion of Argo’s mining infrastructure enhances its ability to meet the growing demand for cryptocurrency mining services.
It is worth noting that Argo Blockchain operates with transparency and accountability. The company provides regular operational updates, ensuring that investors and stakeholders stay informed about its performance and future prospects. This commitment to communication is a commendable practice in the cryptocurrency industry.
The forward-looking statements included in the operational update indicate Argo’s confidence in its financial performance, business strategy, and plans for future operations. However, the company acknowledges the inherent risks and uncertainties associated with the industry. Factors such as securing additional financing and generating sufficient working capital may impact the company’s ability to meet its objectives.
Argo Blockchain is a dual-listed company, with listings on the London Stock Exchange (LSE:ARB) and NASDAQ (ARBK). The company is focused on large-scale cryptocurrency mining, with mining facilities in Quebec, mining operations in Texas, and offices in the US, Canada, and the UK. Argo prioritizes sustainable operations, primarily powered by renewable energy. The company became the first climate positive cryptocurrency mining company in 2021 and is a signatory to the Crypto Climate Accord.
In conclusion, Argo Blockchain’s September operational update demonstrates its commitment to growth and success in the cryptocurrency mining industry. The increase in BTC mined, mining revenue, and hashrate capacity, coupled with the strategic deployment of BlockMiner machines, position the company for continued success. As Argo Blockchain continues to navigate the evolving landscape of cryptocurrency mining, stakeholders can expect regular updates on its performance and future plans.