Argo Blockchain PLC has announced its operational update for July 2023, revealing a decrease in BTC mining but an increase in the company's total hashrate capacity.
Argo Blockchain PLC, a global leader in cryptocurrency mining, has released its operational update for July 2023. The company mined 129 Bitcoin or Bitcoin Equivalents (BTC) during the month, equating to 4.2 BTC per day. This is an 11% decrease from the 4.6 BTC per day mining rate in June 2023. The decline is primarily attributed to increased downtime at Helios, caused by weather-related curtailment and onsite construction.
Despite the drop in BTC mining, the company's mining revenue for July amounted to $3.87 million, remaining relatively stable compared to the revenue generated in June ($3.84 million). As of July 31, 2023, the company held 46 BTC.
Argo Blockchain has increased its total hashrate capacity by installing and energizing 1,242 BlockMiner machines at its facilities in Quebec during July. These machines represent roughly 130 PH/s of additional capacity, taking the company's total hashrate capacity to approximately 2.6 EH/s. The remaining 1,628 BlockMiners are expected to arrive and be deployed in the coming months.
Interim CEO Seif El-Bakly expressed enthusiasm regarding the growth in hashrate capacity and the efforts of the technical and operations teams. El-Bakly also praised the company's economic curtailment programs, which bolster the Texas grid's stability during peak demand periods while lowering overall power costs.
