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Argo Blockchain Sees Revenue Boost Despite Drop in Bitcoin Mining Production
Argo Blockchain, a prominent Bitcoin mining firm, has released its November production update, revealing a decline in Bitcoin mining output alongside a notable increase in revenue. The London-headquartered company mined 39 Bitcoin in November, down from the 46 Bitcoin produced in October.
Despite the drop in production, Argo Blockchain reported $3.4 million in revenue for November, a 13% increase from the $3.0 million generated in October. The firm attributes this rise to the “higher hashprice and Bitcoin price realized in November as compared to October.”
Key Factors Influencing Revenue Growth
- Higher hashprice: This refers to the revenue generated per unit of hash power, a crucial metric for Bitcoin mining firms.
- Bitcoin price: The increase in the Bitcoin price in November contributed to the revenue growth, despite the decline in production.
Q3 Performance and Outlook
Argo Blockchain faced a challenging third quarter, with a 28% year-over-year revenue decline. The firm generated $7.5 million in revenue, down from $10.4 million in Q3 2023. However, total revenue for the first nine months of 2024 stood at $36.7 million, a slight increase from $34.4 million during the same period in 2023.
During Q3, Argo Blockchain mined 123 Bitcoin, averaging 1.3 Bitcoin per day. The company’s mining margins also took a hit, dropping to 8% from 58% in Q3 2023, largely due to the absence of power credits that had supported last year’s performance.
“Despite the challenges, the company’s net loss for the quarter improved to $6.3 million from $9.9 million in Q3 2023.”
Following the November production update, Argo Blockchain’s shares fell 14.27% in pre-market trading. As the Bitcoin mining landscape continues to evolve, investors and enthusiasts alike will be keeping a close eye on the firm’s performance.
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