AIM-listed cryptocurrency mining company Argo Blockchain mined 215 bitcoin or bitcoin equivalents in the month of September, according to its latest operational update.
The decrease from August’s 235 bitcoin extraction was primarily due to a 12% increase in average network difficulty during September, and the curtailing of operations at its Helios facility in Texas during periods of high electricity prices.
As of September 30, 2022, the company held 512 bitcoin, of which 167 were bitcoin equivalents.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in September amounted to £3.78mln against August revenues of £4.39mln.
Chief executive officer Peter Wall said: "As another month of high energy prices and uncertain market conditions ended, Argo continues to execute on its plans to grow operations at Helios.
“We are nearing completion of the installation of our new Bitmain S19J Pro machines, which will increase our total hashrate capacity to 2.9 EH/s by the end of the month. This will represent a 81% increase in total hashrate capacity since Q1 2022.
“I continue to be proud of our team for its efforts to deliver long-term growth in the interest of our shareholders."