Argo Blockchain plc (“Argo” or “the Company”), a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), is pleased to provide the following operational update for June 2023.
During the month of June, the Company mined 139 Bitcoin or Bitcoin Equivalents (together, “BTC”), or 4.6 BTC per day. This is a decrease of 17% from the 5.6 BTC per day mined in the previous month. The decrease was driven by a higher average network difficulty in June compared to the prior month, as well as increased curtailment of mining operations at the Helios facility in Texas. While the curtailment reduced the number of BTC mined, the Company expects to receive additional cash proceeds from certain power trading activities undertaken by the operator of Helios.
Mining revenue in June amounted to $3.84 million, a decrease of 19% compared to the prior month (May 2023: $4.75 million).
