Argo Blockchain Reports Decline in August Bitcoin Production

Argo Blockchain plc, a leader in cryptocurrency mining, has shared its operational update for August 2024. The company mined 38 Bitcoin (BTC) in August, averaging 1.2 BTC per day, down from 1.5 BTC per day in July. The reduced production resulted from frequent economic curtailments and lower hash prices.

Mining revenue totaled $2.3 million in August, a decrease from $3.0 million in July. The mining margin was below 10% for August, attributed to the lower hash price and higher power costs. As of August 31, 2024, Argo holds 10 BTC equivalent.

The company issued 1,468,730 new ordinary shares under its 2022 Equity Incentive Plan. These shares will be admitted to the Official List and trading on the London Stock Exchange. Consequently, Argo's share capital now comprises 637,820,878 ordinary shares, all with equal voting rights.