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Argo Blockchain PLC on Friday announced an increase in Bitcoin mining revenue and the company anticipates better performance as it completes its machine swap during July.
The blockchain technology company reported an increase in bitcoin mining revenue in July to £3.9 million from £3.4 million in June. This was generated at a bitcoin and bitcoin equivalent mining margin of 37%, down from a 50% margin the month before.
During the month of July Argo sold 887 Bitcoin for an average price of $22,670. The proceeds were used to reduce the company's BTC-backed loan with Galaxy Digital as well as to fund operating expenses and capital growth. At the end of July, the remaining amount to be paid was $6.7 million from $22 million in June.
Argo Blockchain completed its S19 machine swap with its business partner, Core Scientific, in July. It expects to have greater control over operations and to generate better performance from its mining machines.
Electricity costs for the month were higher than anticipated at Argo's Helios facility in Texas. This is due to the higher natural gas prices as a result of the war in Ukraine, as well as increased demand for air-conditioning during an ‘unusually’ hot and dry summer. The company said it is looking to extend its current power purchase agreement, which enables Argo to pay index power prices.
Shares in Argo Blockchain were up 0.5% at 41.00 pence on Friday in London.
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