Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of cryptocurrency mining firm Argo Blockchain (LON: ARB) are down Thursday after the company provided the market with its September operational update.
During September, Argo mined 165 Bitcoin or Bitcoin Equivalent compared to 206 BTC in August, representing around a 20% fall.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in September amounted to £5.5 million, a fall month-on-month from the £6.83 million reported in August.
Argo generated the income at a Bitcoin and Bitcoin Equivalent Mining Margin of approximately 84% for September compared to August's 86%.
“The Company has maintained consistent Bitcoin and Bitcoin Equivalent Mining Margins despite increases in network difficulty since July 2021,” stated Argo.
The total amount of BTC mined by the company for the year-to-date is 1479 BTC. Moreover, at the end of September, the Argo owned 1836 Bitcoin or BTC equivalent.
Thursday morning has seen investors shy away from the stock, with Argo Blockchain shares slipping 1.24% to 119.8p. However, its shares are still up over 263% in 2021.
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