Argo Blockchain Reports 34% Increase in Bitcoin Mining for September 2023

<p>Argo
Blockchain is joining the list of publicly traded cryptocurrency miners whose
production increased in September. One of the main players in the crypto mining
sector mined 136 Bitcoin or Bitcoin Equivalents (BTC) last month, averaging
4.5 BTC per day. This represents an uplift of 34% compared to August 2023.
Additionally, the company saw an uptick of 23% in mining revenue, amounting to
$3.59 million.</p><p>A Closer Look at Argo's
September Performance</p><p>Argo
Blockchain's September performance was bolstered by a reduction in power costs,
thanks to accrued power credits from economic curtailment. These credits have reduced
the company's electricity expenses and improved its mining margins and cash
flow. The boost in BTC mined is primarily attributed to fewer curtailment hours at the company's Helios facility.</p><p>However,
the growth in <a href="https://www.financemagnates.com/terms/b/bitcoin/">Bitcoin</a> production was slightly offset by an increase of 4% in the
average network difficulty in September compared to August. Despite this, the
company enhanced its <a href="https://www.financemagnates.com/tag/crypto-mining/" target="_blank" rel="follow">mining revenue</a> by 23%, reaching $3.59 million
for the month.</p><p>As of 30
September 2023, Argo Blockchain held 32 BTC in its reserves. This is a decrease
from the 49 BTC it held at the end of August. The drop is mainly due to the
periodic revaluation of the company's non-Bitcoin digital asset holdings.</p><p>Regarding
infrastructure, Argo completed the deployment of its BlockMiner machines in
September. These machines contribute approximately 0.3 EH/s to the company's
hashrate capacity at its Quebec facilities. With this addition, Argo's total
<a href="https://www.financemagnates.com/terms/h/hash-rate/">hashrate</a> capacity now stands at approximately 2.8 EH/s.</p><p>Higher in August but Still
Lower YoY</p><p>The
increase in Argo's mining aligns <a href="https://www.financemagnates.com/cryptocurrency/bitcoin-miners-see-strong-production-increases-in-september/" target="_blank" rel="follow">with data released by other major digital
asset miners</a>, including Marathon Digital, Riot Platforms, and CleanSpark. In
addition, Finance Magnates reported yesterday (Wednesday) that Bitfarms
Ltd. <a href="https://www.financemagnates.com/cryptocurrency/bitfarms-ytd-bitcoin-mining-figures-lower-than-2022/" target="_blank" rel="follow">Successfully mined 411 BTC</a>, representing an improvement of 7.3% from the
previous month.</p><p>While the
growth compared to August is undeniable, the results are still considerably
modest when compared to September of last year. Argo's report from September
2022 shows that the company mined 215 BTC, which is 79 more than the current
figure.</p><p>The same
applies to the previously mentioned Bitfarms. Although the company reached its
highest production rate since May in September 2023, it was still 70 BTC less
than the previous year. This has led more people to question whether
cryptocurrency mining <a href="https://www.financemagnates.com/cryptocurrency/does-bitcoin-or-crypto-mining-still-pay-off/" target="_blank" rel="follow">is still profitable</a>.</p>

This article was written by Damian Chmiel at www.financemagnates.com.