The Argo Blockchain PLC (LON: ARB) share price traded sideways after its February operations update was released. The company mined 162 Bitcoin or Bitcoin Equivalents (BTC), translating into 5.7 Bitcoin daily. The results represent a 7% improvement to January’s 5.4 BTC daily mining rate.
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The bitcoin mining company noted that it had increased its mining output despite a 10% increase in average mining difficulty during the same month. The company revealed that it was holding 101 BTC at the end of February, and its hash rate remained stable at 2.5 EH/s.
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Argo Blockchain’s mining revenues for February were $3.76 million (£3.09 million)based on the exchange rate and cryptocurrency prices. The revenues slightly improved from the $3.42 million (£2.80 million) generated in January.
The bitcoin mining company went through a rough patch last year after crypto prices crashed, forcing it to finally sell most of its Bitcoin holdings at much lower prices than if they had sold earlier when the cryptocurrency market was booming.
Argo Blockhian also recently lost its CEO, who resigned to pursue other opportunities signalling the end of an ear. The company could benefit significantly from rising crypto and Bitcoin prices. However, Bitcoin prices are yet to make a definitive move higher by breaking above the crucial $25,000 resistance level, which could indicate the beginning of a new uptrend.
Argo’s Interim CEO, Seif El-Bakly, said: “I’m proud of the team for increasing our average daily Bitcoin production despite the increase in average network difficulty in February when compared to January. This is a testament to the hard work put in by our technology and operations teams. We continue to focus on strengthening our internal business processes and striving for operational excellence.”
Meanwhile, the measures taken by Argo Blockchain recently, including the sale of its flagship Helios mining facility in Dickens County, Texas, should cushion the firm for now. Still, the real reprieve can only come from higher Bitcoin prices.
*This is not investment advice.
Argo Blockchain share price.
The Argo Blockchain share price traded sideways after releasing its February operations update.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.