Argo Blockchain provides August mining update, announces Bitcoin sales

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imageStock Markets10 hours ago (Sep 03, 2021 09:54)

© Reuters.

By Samuel Indyk

Investing.com – Argo Blockchain (LON:ARB) has provided an update on the company’s mining activities throughout the month of August.

The London-listed cryptocurrency miner said it had mined 206 Bitcoin or Bitcoin equivalent (BTC) in August, down from 225 BTC mined in July.

However, despite the lower number of BTC mined, total revenue from mining activities based on daily foreign exchange rates and cryptocurrency prices increased 22% to £6.83 million from £5.60 million in July.

For context, Bitcoin rose 13.4% during the month of August, the number two cryptocurrency, Ethereum, rose 35% during the month and Cardano, the number three cryptocurrency by market cap, rose a gigantic 110%.

Argo Blockchain said they generated the income at an average monthly mining margin of approximately 86%, up from 83% the previous month.

“I am pleased that we have been able to deliver these results at an improved margin this month and continue to deliver value to our shareholders,” said Argo Blockchain CEO Peter Wall in a statement. “We are also delighted to have released our Climate Strategy and remain committed in our efforts to enact positive change within the crypto mining sector.”

As part of the company’s asset management strategy and due to positive market conditions, Argo Blockchain said it had sold 61 BTC at an average price of £35,324,94 ($48,800) per BTC, generating cash of £2.14 million.

At the end of August, the company owned 1,659 Bitcoin, having mined 1,314 BTC year-to-date.

At 09:48BST, shares in Argo Blockchain were trading lower by 3.3% at 135.58 pence per share.

Argo Blockchain provides August mining update, announces Bitcoin sales

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