Argo Blockchain Shares Bitcoin Mining Update of September

    Argo Blockchain has shared the bitcoin mining update for the month of September. The firm disclosed that it has mined 165 Bitcoin or Bitcoin equivalent (BTC) in September. This amount is far less than the Bitcoin production in the month of August. In the month of August, the firm has mined 206 bitcoin. This year the firm has mined 1, 479 bitcoin.

    Argo Blockchain revealed that it has been able to maintain consistent margins despite the increase in network difficulty since July 2021. The firm has mined 225 bitcoin in the month of July and then the mining rate declined from August to September. At the end of September, Argo Blockchain kept a total of 1,836 BTC.

    Furthermore, the mining revenue in September reached £5.50 million ($7.59 million*) (August 2021: £6.83 million ($9.43 million*)) based on daily foreign exchange rates and cryptocurrency prices during the month. Argo was able to accomplish this income target at a Bitcoin and Bitcoin Equivalent Mining Margin of about 84% for the month of September.

    In addition, the mining difficulty reached an all-time high in late May, but then plunged in June and July as China started its crackdown on the cryptocurrency industry. The crackdown of China has caused the closure of mining operations in various provinces. Since July, the difficulty has started to increase again but still remains below the peak hit in May.