Argo Blockchain plc (LON:ARB), the leading cryptocurrency miner based in the UK, has provided the following operational update for November.
During the month of November, Argo mined 115 Bitcoin or Bitcoin Equivalent (BTC) compared to 126 Bitcoin Equivalent in October. The reduction in the number of coins mined in November compared to October is due to changes in mining difficulty and the Zcash halving which took place on 17th November. This takes the total amount of BTC mined year-to-date to 2,369.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in November amounted to £1.48 million (October 2020: £1.2 million). Argo generated this income at an average monthly mining margin of approximately 57% for the month of November (October 2020: 40%).
At the end of October, the company held 178 BTC in Bitcoin and BTC equivalents, in accordance with the Company’s asset management strategy. Argo’s total mining capacity is 16,000 machines and 645 petahash in addition to 280 Megasols of equihash mining capacity.
Peter Wall, Chief Executive of Argo Blockchain, said: “This has been an extremely exciting month for cryptocurrency miners. We have seen the value of Bitcoin climb exponentially to over £14,000 as investors and payment service providers are turning their interest to cryptocurrencies. At Argo, we are continuing to prioritise efficiency in our mining operations and this has enabled us to increase our revenue by 23% this month and achieve our highest mining margin since the halving earlier this year.”
