Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP), the cryptocurrency miner, said it mined 173 Bitcoin or Bitcoin equivalents (BTC) in May, roughly 5.6 BTC per day.
This represents a 16% increase to the 4.8 BTC mined per day in the previous month, driven by an improvement in uptime and operational efficiency across its mining fleet, as well as an increase in transaction fees, the company said in a statement.
As a result, mining revenue in May grew by 14% compared to April to US$4.75mln.
Argo Blockchain said it held 50 BTC at the end of May, a decrease from the 83 BTC it held at the end of April, due to the dual-listed company selling assets to pay down debt.
Hashrate capacity continues to be 2.5 EH/s, although this is expected to grow to 2.8 EH/s once new BlockMiner machines are installed at its facility in Quebec, the company noted.
"Over the long term, I believe increased Bitcoin network activity has the potential to drive demand for blockspace and increase miner fees,” said interim CEO Seif El-Bakly.