Argo Blockchain plc, a global leader in cryptocurrency mining (LSE: ARB), is pleased to provide the following operational update for August.
During the month of August, Argo mined 206 Bitcoin or Bitcoin Equivalent (together, BTC) compared to 225 BTC in July. This brings the total amount of BTC mined year-to-date to 1,314 BTC.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in August amounted to £6.83 million (July 2021: £5.60 million). Argo generated this income at an average monthly mining margin of approximately 86% for the month of August (July 2021: 83%). As part of the Company’s asset management strategy and due to positive market conditions, Argo sold 61 BTC at an average price of £35,324.94 ($48,800) per BTC, generating cash of £2.14 million.
At the end of August, the Company owned 1659 Bitcoin or BTC equivalent.
Peter Wall, Chief Executive of Argo and interim Chairman said: “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.”
Change of Registered Office Address
The Company announces that with immediate effect, its registered office address has changed to: 9th Floor, 16 Great Queen Street, London, England, WC2B 5DG.