Crypto Miner Argo Blockchain Mined 129 Bitcoins in July 2023
Argo Blockchain PLC, a leading global cryptocurrency miner listed on both the London Stock Exchange (LSE:ARB) and NASDAQ (NASDAQ:ARBK), has released its operational update for July 2023. The company reported mining 129 Bitcoin or Bitcoin Equivalents (BTC), averaging 4.2 BTC per day. This represents an 11% decrease from the daily average of 4.6 BTC in June 2023, primarily due to increased downtime at the Helios facility caused by weather-related curtailment and onsite construction.
Despite the decrease in BTC production, Argo Blockchain's mining revenue for July remained stable at $3.87 million, closely mirroring the $3.84 million generated in June 2023. As of July 31, 2023, the company held 46 BTC.
Argo Blockchain also reported the installation and energization of 1,242 BlockMiner machines at its Quebec facilities in July, adding approximately 130 PH/s to its total hashrate capacity, which now stands at around 2.6 EH/s. The company anticipates the deployment of an additional 1,628 BlockMiners in the coming months.
Seif El-Bakly, Argo's interim Chief Executive Officer, expressed satisfaction with the company's growth in hashrate capacity and the successful deployment of the BlockMiner machines. He also highlighted the benefits of the company's economic curtailment programs, which contribute to the stability of the Texas grid during peak demand periods while simultaneously reducing total power costs.
Argo Blockchain PLC, headquartered in London, UK, operates large-scale cryptocurrency mining facilities in Quebec and Texas. The company, which became the first climate-positive cryptocurrency mining company in 2021, is committed to sustainable operations predominantly powered by renewable energy.