Argo Blockchain Loss Widened, Mined Less Bitcoin in Sept; Shares Fall
October 11 2022 - 4:16AM
Dow Jones News
By Joe Hoppe
Argo Blockchain PLC shares fell Tuesday after it said that its
gross loss widened in September widened on month, and that it mined
less bitcoin, primarily due to network difficulties and
energy-price increases.
Shares at 0728 GMT were down 5.75 pence, or 27%, at 15.75
pence.
The cryptocurrency mining company posted a gross loss of 5.8
million pounds ($6.4 million) for the month, widening from GBP4.5
million in August.
During September, the company said it mined 215 bitcoin or
bitcoin equivalents, down from 235 in August.
Argo said the decrease was primarily due to a 12% increase in
average network difficulty over the month, and said it is
continuing to curtail operations at its Helios facility in Dickens
County, Texas, during periods of high electricity prices.
Mining revenue fell to GBP3.8 million in September from GBP4.4
million in August, based on daily foreign-exchange rates and
cryptocurrency prices.
The company also said Chief Technology Officer Perry Hothi will
step down from his role on Oct. 15, with current Vice President of
Technology and Development Jean Esquier taking over the
position.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
October 11, 2022 04:01 ET (08:01 GMT)
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