The Argo Blockchain PLC (LON: ARB) share price edged 3.03% higher after releasing its September update, where it mined 136 Bitcoin or Bitcoin Equivalents (BTC) or 4.5 BTC daily compared to the 105 BTC mined in August.
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The Bitcoin mining company attributed the higher production figures to the lower curtailment activity at its Helios facility. The curtailment in September lasted for fewer hours than in August. The company continued to generate income from the curtailment activity, which helped improve its cash flow and mining margin.
The 34% surge in BTC mined compared to August 2023 (3.4 BTC per day) was partially offset by a 4% increase in average network difficulty during the month compared to August 2023. The company’s mining revenue for September was $3.59 million, representing a 23% increase compared to August’s $2.93 million revenues.
Argo Blockchain held 32 BTC at the end of September as the company embraced the policy of disposing of the Bitcoin mined instead of holding on to its Bitocin while anticipating higher prices that might never materialise.
The company also revealed that it had finished installing BlockMiner machines at its Quebec facility. The BlockMiner fleet represents approximately 0.3 EH/s of hashrate capacity, and the company now has a total hashrate capacity of approximately 2.8 EH/s.
The sideways price action in Bitcoin price since March has hurt Bitcoin miners whose fortunes are tied to the prices of the Bitcoin that they mine. However, there is still hope that the Bitcoin price will reverse course and head higher in the future.
Therefore, Argo Blockchain’s share price will likely benefit from any future increases in the Bitcoin price. The company also noted that the decline in the Bitcoin it held on its balance sheet at the end of September resulted from a periodic revaluation of its non-Bitcoin holdings.
Argo Blockchain (ARB) share price.
The Argo Blockchain share price edged 3.03% higher to trade at 8.500p, from Wednesday’s closing price of 8.250p.
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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.