Argo Blockchain plc (LSE: ARB; Nasdaq: ARBK), a global leader in cryptocurrency mining, is pleased to provide the following operational update for March 2024.
During the month of March, the Company mined 103 Bitcoin, or 3.3 Bitcoin per day. This is a 5% increase in daily Bitcoin production compared to the prior month, despite a 4% higher average network difficulty in March 2024.
In March 2024, the Company sold its Mirabel facility and relocated its mining machines from Mirabel to its facility in Baie Comeau, Quebec. The relocated miners were deployed and actively hashing at Baie Comeau before the end of March, and the relocation had minimal impact on monthly Bitcoin production. .
Mining revenue in March 2024 amounted to $7.0 million, an increase of 55% compared to the prior month (February 2024: $4.5 million).
As of 31 March 2024, the Company held digital assets worth the equivalent of 26 Bitcoin.
Argo CEO Thomas Chippas said, “I’m pleased by the increase in daily Bitcoin production we achieved in March, despite an increase to average network difficulty and the limited downtime from relocating our miners to Baie Comeau following the sale of our Mirabel facility. As we approach the halving, we continue to focus on streamlining our operations and running as efficiently as possible.”
