Argo September Operational Update
Rhea-AI Summary
Argo Blockchain plc, a global cryptocurrency mining leader (LSE:ARB)(NASDAQ:ARBK), has released its operational update for September 2024. The company mined 37 Bitcoin (BTC) during the month, maintaining a consistent rate of 1.2 BTC per day from August 2024. However, BTC production was affected by economic curtailments and low hash price.
Mining revenue in September 2024 decreased to $2.2 million from $2.3 million in August 2024. The mining margin for Q3 fell below 10%, lower than Q2 due to a lower hash price and higher power prices. As of September 30, 2024, Argo Blockchain held 4 BTC equivalent.
Positive
- Consistent Bitcoin mining rate of 1.2 BTC per day maintained from August to September 2024
- Mining revenue of $2.2 million generated in September 2024
Negative
- Mining revenue decreased from $2.3 million in August to $2.2 million in September 2024
- Mining margin for Q3 fell below 10%, lower than Q2
- BTC production impacted by economic curtailments and low hash price
- Higher power prices negatively affected mining margin
News Market Reaction
On the day this news was published, ARBK gained 3.45%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
LONDON, UK / ACCESSWIRE / October 4, 2024 / Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), is pleased to provide the following operational update for September 2024.
During the month of September, the Company mined 37 Bitcoin ("BTC"), or 1.2 BTC per day consistent with August 2024. BTC production was again impacted by economic curtailments during the month and low hash price.
Mining revenue in September 2024 amounted to
This announcement contains inside information.
For further information please contact:
Argo Blockchain |
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Investor Relations | |
Tennyson Securities |
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Corporate Broker Peter Krens | +44 207 186 9030 |
Fortified Securities |
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Joint Broker Guy Wheatley, CFA | +44 7493 989014 |
Tancredi Intelligent Communication UK & Europe Media Relations |
About Argo:
Argo Blockchain plc is a dual-listed (LSE:ARB)(NASDAQ:ARBK) blockchain technology company focused on large-scale cryptocurrency mining. With mining facilities in Quebec, mining operations in Texas, and offices in the US, Canada, and the UK, Argo's global, sustainable operations are predominantly powered by renewable energy. In 2021, Argo became the first climate positive cryptocurrency mining company, and a signatory to the Crypto Climate Accord. For more information, visit www.argoblockchain.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Argo Blockchain PLC
View the original press release on accesswire.com
FAQ
How many Bitcoin did Argo Blockchain (ARBK) mine in September 2024?
What was Argo Blockchain's (ARBK) mining revenue in September 2024?
What factors affected Argo Blockchain's (ARBK) Bitcoin production in September 2024?
How did Argo Blockchain's (ARBK) mining margin perform in Q3 2024?
