London-listed bitcoin mining company Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) mined 139 bitcoin or bitcoin equivalents in June, averaging 4.6 BTC per day.
This was a decrease of 17% compared to May yields, primarily driven by an 8% sequential increase in the average network difficulty during the month..
Argo was also exposed to the curtailment of mining activities at the Helios facility in Texas, where it has a hosting agreement with Galaxy Digital (TSX-V:GLXY).
While the curtailment reduced the number of bitcoin mined, Argo expects to receive additional cash proceeds from certain power trading activities undertaken by Galaxy Digital (TSX-V:GLXY).
Mining revenue in June totalled US$3.84mln (£3mln), a decrease of 19% compared to the prior month.
As of 30 June 2023, Argo Blockchain held 44 bitcoin or bitcoin equivalents in reserve.
Although Argo’s total hashrate capacity continues to be 2.5 EH/s, the company has begun receiving and installing new BlockMiner machines at its Quebec facilities.
Once fully deployed, these new machines are expected to increase the company's total hashrate capacity by 12% to approximately 2.8 EH/s.
Argo Blockchain expects to commence installation of 2,870 of these BlockMiner machines from ePIC Blockchain Technologies in the third quarter of 2023.