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Argo Blockchain mines more as hash rate declines

Published 03/08/2021, 09:14
Updated 03/08/2021, 09:17
© Reuters.

© Reuters.

By Samuel Indyk

Investing.com – Argo Blockchain (LON:ARB) has announced an increase in cryptocurrency mining activity in July as the global hash rate declined and Bitcoin mining difficulty fell.

During the month, the London-listed cryptocurrency miner said it mined 225 Bitcoin or Bitcoin equivalent (BTC) compared to 167 in June. Year-to-date Argo has mined 1,108 BTC.

Mining revenue in July increased to £5.60 million from £4.36 million, based on daily foreign exchange rates and cryptocurrency prices.

Argo generated the income at an average monthly mining margin of approximately 83%, up from 78% in June.

Over the month, the global hash rate – the measuring unit of the processing power of the Bitcoin network – declined as China clamped down on mining activity in a number of provinces, including Sichuan, Xinjiang and Yunnan.

As the hash rate falls, the Bitcoin algorithm adjusts itself to make mining difficulty easier. The change happens roughly every two weeks.

Speaking about the update, Argo Blockchain CEO Peter Wall said: “I'm delighted that we have been able to capitalise on the reduction in global hash rate and mining difficulty this month to deliver these results at an impressive margin.”

During July, Argo Blockchain also began construction on its new mining facility in Texas, US, which will provide additional mining power.

“We are also pleased to have broken ground at the Texas facility, and are excited about the opportunities that this development offers in allowing us to exercise greater control over our mining operations, to continue to utilise renewable power and to work with the local community in Texas to enact positive change,” Wall added.

At 09:13BST, shares in Argo Blockchain were trading lower by 2.9% at 131.07 pence per share.

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