Argo Blockchain PLC Improved October Mining Profits and Widened Profit Margins

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During the month of October, Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) mined 204 bitcoins or bitcoin equivalents (BTC) compared to 215 BTC in September 2022, according to the cryptocurrency listed on AIM. the latest business update from the mining company.

The decrease in mined BTC was mainly due to a significant increase in bitcoin network difficulty in October compared to September.

As previously announced, the company sold 3,843 new Bitmain S19J Pro machines, which represented the last batch of the original Bitmain order scheduled for installation in October 2022.

Therefore, the company’s total hashrate capacity continues to be 2.5 PE/s.

Based on daily exchange rates and cryptocurrency prices during the month, mining revenue in October was £3.55m versus £3.78m in September.

Mining profit fell from £938k to £1.129m, while margins of 32% represented a 7% month-on-month improvement

In the update. Argo spoke to the media “falsely claiming that Hydro-Quebec, Quebec’s electricity utility, has offered to stop supplying electricity to existing mining operations.”

The company has “spoken with representatives of Hydro-Quebec and the City of Baie-Comeau, and is confident that its current access to electricity at its two Quebec facilities will continue for the foreseeable future.”

As of October 31, 2022, Argo Blockchain held 138 bitcoins, including 119 bitcoin equivalents.

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