By Samuel Indyk
Investing.com – Argo Blockchain (LON:ARB) announced it mined 185 Bitcoin or Bitcoin equivalent (BTC) in November, up from 167 BTC in October. Year-to-date the company has mined 1,831 BTC.
At the end of November, the London-listed crypto miner held 2,317 Bitcoin or Bitcoin equivalent.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue increased 14.5% to £8.29 million from £7.24 million in October.
After touching a record high near $69,000 in November, Bitcoin retreated later in the month and finished November with losses of around 7%.
Argo generated its revenue at BTC margin of approximately 86%, unchanged from October.
The company said it has also added an additional 310 petahash per second (PH/s) to its total capacity by the end of November, bringing the total mining capacity to 1.605 exahash per second (EH/s).
Short Report
The update comes a day after the company was subject to a second report from short-seller Boatman Capital, who alleges “serious governance failures” at the company.
Boatman Capital had previously raised concerns about Argo Blockchain’s governance in August this year and has identified further issues that they say raise questions about Argo’s business strategy and governance standards.
The issues highlighted include share dilution, inaccurate and misleading statements about its land acquisition in Texas, and the fact that four out of its five board directors have quit this year while Peter Wall serves as CEO and interim chairman which is in breach of UK corporate governance guidelines.
Boatman thinks investors wanting exposure to Bitcoin can find better opportunities than Argo Blockchain elsewhere.
At 08:59GMT, shares in Argo Blockchain were trading higher by 3.8% at 115.00 pence per share.