- Argo Blockchain ( NASDAQ: ARBK ) mined 215 Bitcoin or Bitcoin Equivalent (together, BTC) in September 2022 compared to 235 BTC in August 2022, mainly due to a 12% increase in average network difficulty during September.
- Based on daily foreign exchange rates and crypto rates, mining revenue stood at £3.78M (or $4.27M) compared to £4.39M (or $5.23M in prior month).
- The company generated this income at a bitcoin and bitcoin equivalent mining margin of 25% compared to 20% in prior month.
- As of September end, Argo owned 512 Bitcoin, of which 167 were BTC Equivalents.
- The company expects to complete the installation of its Bitmain S19J Pro machines at Helios, having achieved a total hashrate capacity of 2.5 EH/s by the end of October.
- After accounting for the sale of 3,400 mining machines to a third party that was reported on 7 October 2022, the Company now expects to achieve a total hashrate capacity of 2.9 EH/s once the installation is complete.
- Effective October 15, Perry Hothi is stepping down from his role as Chief Technology Officer at Argo and will serve as a transitional advisor to the company.
- The technology function will be led by Jean Esquier, who currently serves as Vice President of Technology and Development.
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Argo Blockchain mines ~8.5% lower bitcoins in September