Argo Blockchain’s mining revenue hits $7.59m for October
16:48, 8 November 2021
Cryptocurrency miner Argo Blockchain said mining revenue in October amounted to $9.75m (£7.24m), up from the $7.59m it reported in the previous month.
During October, London and Nasdaq-listed Argo said it had mined 167 bitcoin or bitcoin equivalent (BTC) compared with 165 BTC in September, bringing the total amount of BTC mined in the year-to-date to 1,646 BTC.
As at 11:53am EST (UTC-5) shares were up 4% to $18.27 on the Nasdaq.
Mining margin at 86%
The mining margin in October rose to 86% from 84% in September and at the end of the month the company owned 2,128 BTC. Margins are calculated after power and hosting costs, but before administrative and salary expenses.
The company also said that Colleen Sullivan has resigned as a non-executive member of the board after joining just three months ago.
“She has taken on a new career role that does not allow her to serve as a director for the company and her resignation is not the result of any disagreement with the management or board of the company,” Argo Blockchain said in a statement.
Read more: Argo Blockchain borrows to build out data centre
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