By
Steve Muchoki
April 19th, 2024
Argo Blockchain unveiled that it expanded its mining capacity, and added 220 PH/s to its total capacity, bringing the firm’s total mining capacity to 1.295 EH/s as of the end of October 2021.
London-based digital currency mining company, Argo Blockchain (LON: ARB) has announced its Bitcoin (BTC) mining and operations performance for the month of October, in which it mined a total of 167 Bitcoin or Bitcoin Equivalent. This record, according to the company, is slightly more than the 165 BTC mined in September.
Bitcoin mining companies that operate outside of China have had sustained profitability all year long. While the Chinese government crackdown stirred a disruption in the miners plugged into the network, a corresponding reduction in the mining difficulty was introduced. These implied that existing miners got more BTC rewards for almost the same amount of work they put in prior to the crackdown.
Argo Blockchain remains one of the beneficiaries, and the company said its total Bitcoin mined in the year-to-date period to 1,646 BTC. Argo blockchain reported a mining revenue of £7.24 million ($9.75 million) for the month of October, a significant upshoot from the £5.50 million ($7.59 million) for the preceding month of September. As of the end of October, the company’s total Bitcoin holdings came in at 2,128, worth approximately $140.3 million based on the current price of BTC which is pegged at $65,974.09.
The positive mining record the company reported has stirred an upshoot in the share price of the company. At the time of writing, ARB is up 4.17% to GBX128.33 per share.
Argo Blockchain and Global Expansion Drive
Argo Blockchain has had its eyes fixed on expanding its global Bitcoin mining operations and following months of a secondary listing plan, the company is now trading on the Nasdaq Global Select Market under the ticker symbol ‘ARBK’, after raising £100 million in American Depositary Shares
In a bid to reposition its business to catch up with the increasing demand for mining data centers, Argo Blockchain secured a loan of £18 million or $25 million from Galaxy Digital Holdings Ltd (TSE: GLXY). The extended credit is aimed at building a mining facility in West Texas, which would continually help in maintaining a positive operating cash flow. The secured loan matured on October 29, 2021, per the agreed terms.
The London-based company also unveiled that it expanded its mining capacity, and added 220 PH/s to its total capacity, bringing the firm’s total mining capacity to 1.295 EH/s as of the end of October 2021. Per the latest performance announcement, Argo Blockchain announced the exit of one of its non-executive directors, Colleen Sullivan who resigned from the board to pursue other career goals. There is no indication that her exit will impact the company’s operations.