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Argo Blockchain Shares Slide Despite Revenue Rise

Sam Boughedda trader
Updated 3 Sep 2021

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On Friday, Argo Blockchain (LON: ARB) shares have fallen after the company provided an operational update for August.

Mining revenue for the London-listed firm in August amounted to £6.83 million compared to July's £5.6 million.

Argo generated the income at an average monthly mining margin of approximately 86% for August versus 83% for July. 

However, August saw the company mine 206 Bitcoin or Bitcoin equivalent, down from the 225 BTC mined in July. It means the company has mined 1,314 BTC for the year to date and had 1,659 BTC in total at the end of August.

As part of its asset management strategy and due to favourable market conditions, Argo sold 61 BTC at an average price of £35,324.94 ($48,800), generating cash of £2.14 million.

“I am pleased that we have been able to deliver these results at an improved margin this month and continue to deliver value to our shareholders. We are also delighted to have released our Climate Strategy and remain committed in our efforts to enact positive change within the crypto mining sector,” commented Peter Wall, CEO and interim Chairman of Argo.

The company's shares are currently down 3.19% at 136.2p on Friday.

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.