The operating report for July 2023 has been made public by Argo Blockchain PLC, one of the largest cryptocurrency miners in the world and a company listed on both the London Stock Exchange (LSE:ARB) and the NASDAQ (NASDAQ:ARBK). The business reported mining 129 Bitcoin or Bitcoin Equivalents (BTC), or 4.2 BTC on average every day. This is an 11% decline from the daily average of 4.6 BTC in June 2023, mostly as a result of longer downtime at the Helios facility brought on by weather-related curtailment and on-site construction.
Despite a decline in BTC production, Argo Blockchain’s mining revenue for July was constant at $3.87 million, nearly matching the $3.84 million produced in June 2023. The corporation has 46 BTC as of July 31st, 2023.
The installation and activation of 1,242 BlockMiner machines at Argo Blockchain’s Quebec facility in July added about 130 PH/s to the company’s total hashrate capacity, which is presently somewhere around 2.6 EH/s. In the upcoming months, the business plans to install an additional 1,628 BlockMiners.
Interim CEO of Argo, Seif El-Bakly, expressed pleasure with the company’s increase in hashrate capacity and the effective rollout of the BlockMiner machines. He also emphasised the advantages of the firm’s economic curtailment programmes, which help keep the Texas system stable during times of heavy demand while also bringing down overall power costs.
Large-scale cryptocurrency mining operations are run by Argo Blockchain PLC, a company with its headquarters in London, Texas, and Quebec. The business, which in 2021 became the first cryptocurrency mining operation that was climate positive, is dedicated to running sustainable operations that are primarily fueled by renewable energy