Publicly traded on Wall Street and the London Stock Exchange (LSE), Bitcoin (BTC) miner Argo Blockchain presented today (Monday) the latest report on cryptocurrency production for the month of July. The result of 48 BTC mining is more than 60% worse than last year’s figures, but it shows a slight improvement compared to recent months.
In July, Argo Blockchain mined 48 Bitcoins, which translates to a production of 1.5 BTC per day. Compared to June, this result is better than 4 Bitcoins, but much worse than last year. In July 2023, BTC production was 4.2 BTC per day, which is a total of 129 tokens.
Despite the significant drop in the number of Bitcoins mined, which is partly due to the increasing difficulty of the network and the decrease in the reward of the April block, the earnings of miners have decreased significantly. In July, it was $ 3 million, compared to $ 3.9 million recorded in the same month last year. However, every month they increased by 0.1 million dollars.
Thomas Chippas, Argo. Source: LinkedIn
“Mining levels for July 2024 were in the middle of 20%, lower than June due to the lower price achieved in July compared to June. As of 31 July 2024, the Company held 11 BTC equivalent,” said Aego in its new report.
In response to the latest report, ARB shares on the LSE fell more than 9% on Monday morning, falling to 9 pence and trying to break a monthly low. However, it is important to note that the decline can also be linked to the worsening situation of Bitcoin. After four days of heavy losses, it’s down to just $50,000. The last time the price of Bitcoin was so low was in February.
New Institutional Investor for Argo Blockchain
Argo Blockchain recently disclosed a £6.5 million private placement deal with an institutional investor. The agreement includes an issue of 57,800,000 ordinary shares priced at £0.1125 each on the LSE, and also gives the investor warrants to purchase a further 57,800,000 shares at the same price.
The price set for this site is higher than the average of Argo’s recent prices, however it still offers a 10% discount compared to the closing price on July 29th. HC Wainwright & Co. has been appointed as the sole agent for this sale.
Argo’s latest quarterly report highlighted revenue growth at $16.8 million, up 4% from the previous quarter and showing a staggering 50% growth compared to the same period last year. In addition, the report noted a significant reduction in net loss, which decreased to $ 3.2 million, a third of the amount of the previous quarter.
The company is among the few cryptocurrency operators publicly traded on Wall Street, known for its large market capitalization in Bitcoin mining. However, it is not the biggest and most prominent. You can find the list of the 5 biggest BTC operators from Wall Street recently Financial Magnates examination.
Publicly traded on Wall Street and the London Stock Exchange (LSE), Bitcoin (BTC) miner Argo Blockchain presented today (Monday) the latest report on cryptocurrency production for the month of July. The result of 48 BTC mining is more than 60% worse than last year’s figures, but it shows a slight improvement compared to recent months.
In July, Argo Blockchain mined 48 Bitcoins, which translates to a production of 1.5 BTC per day. Compared to June, this result is better than 4 Bitcoins, but much worse than last year. In July 2023, BTC production was 4.2 BTC per day, which is a total of 129 tokens.
Despite the significant drop in the number of Bitcoins mined, which is partly due to the increasing difficulty of the network and the decrease in the reward of the April block, the earnings of miners have decreased significantly. In July, it was $ 3 million, compared to $ 3.9 million recorded in the same month last year. However, every month they increased by 0.1 million dollars.
Thomas Chippas, Argo. Source: LinkedIn
“Mining levels for July 2024 were in the middle of 20%, lower than June due to the lower price achieved in July compared to June. As of 31 July 2024, the Company held 11 BTC equivalent,” said Aego in its new report.
In response to the latest report, ARB shares on the LSE fell more than 9% on Monday morning, falling to 9 pence and trying to break a monthly low. However, it is important to note that the decline can also be linked to the worsening situation of Bitcoin. After four days of heavy losses, it’s down to just $50,000. The last time the price of Bitcoin was so low was in February.
New Institutional Investor for Argo Blockchain
Argo Blockchain recently disclosed a £6.5 million private placement deal with an institutional investor. The agreement includes an issue of 57,800,000 ordinary shares priced at £0.1125 each on the LSE, and also gives the investor warrants to purchase a further 57,800,000 shares at the same price.
The price set for this site is higher than the average of Argo’s recent prices, however it still offers a 10% discount compared to the closing price on July 29th. HC Wainwright & Co. has been appointed as the sole agent for this sale.
Argo’s latest quarterly report highlighted revenue growth at $16.8 million, up 4% from the previous quarter and showing a staggering 50% growth compared to the same period last year. In addition, the report noted a significant reduction in net loss, which decreased to $ 3.2 million, a third of the amount of the previous quarter.
The company is among the few cryptocurrency operators publicly traded on Wall Street, known for its large market capitalization in Bitcoin mining. However, it is not the biggest and most prominent. You can find the list of the 5 biggest BTC operators from Wall Street recently Financial Magnates examination.
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