Argo Blockchain mines 22% higher bitcoins in July

Aug. 05, 2022 3:46 AM ETArgo Blockchain plc (ARBK), ARBKF, ARBKLBy: Meghavi Singh, SA News Editor
  • Argo Blockchain (NASDAQ:ARBK) mined 219 Bitcoin or Bitcoin Equivalent (together, BTC) in July 2022 compared to 179 BTC in June 2022.
  • Based on daily foreign exchange rates and crypto rates, mining revenue stood at £3.89M (or $4.73M) compared to £3.38M (or $4.35M in prior month).
  • The company generated this income at a bitcoin and bitcoin equivalent mining margin of 37% compared to 50% in prior month, primarily by higher electricity costs at Helios.
  • As of July end, Argo owned 1,295 Bitcoin, of which 227 were BTC Equivalents.
  • During the month of July, the company sold 887 Bitcoin at an average price of approximately $22,670.
  • As of 31 July 2022, the company had an outstanding balance of $6.72M under the BTC-backed loan, a significant reduction from the maximum outstanding balance of $50 million in Q2 2022.
  • During the month of July, the company increased its total hashrate capacity to 2.3 EH/s.
  • "While there have been some challenges in operating the 17 series machines, we are pleased with the ROI we have achieved on this portion of our mining infrastructure," said Peter Wall, Argo's CEO.

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