Argo Blockchain Mined Less Bitcoin in October; Mining Revenue Fell
November 08 2022 - 4:21AM
Dow Jones News
By Joe Hoppe
Argo Blockchain PLC said Tuesday that it mined less bitcoin or
bitcoin equivalents on-month in October due to a significant
increase in bitcoin network difficulty, and mining revenue
fell.
The London-listed cryptocurrency mining company said it mined
204 bitcoin or equivalents in October, down from 215 in
September.
As of Oct. 31, it held 138 bitcoins or equivalents. Based on
daily foreign exchange rates and cryptocurrency prices over the
month, mining revenue in October amounted to 3.5 million pounds
($4.1 million), down from GBP3.8 million in September.
Gross loss however narrowed to GBP1.5 million, from GBP5.8
million in September.
The company said it has also repaid the outstanding $6.7 million
due under a bitcoin-backed loan with Galaxy Digital, consistent
with its risk management strategy and reducing balance sheet
exposure to downside bitcoin price risk.
Argo said it was also continuing to engage in financing
discussions.
Shares at 0847 GMT were down 0.5 pence, or 6.5% at 7.0
pence.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
November 08, 2022 04:06 ET (09:06 GMT)
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