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Argo Blockchain’s mining revenue hits $7.59m for October

By Joyanta Acharjee

16:48, 8 November 2021

A cryptocurrency mining farm
Argo Blockchain mined 167 bitcoins last month – Photo: Shutterstock

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.

SOL/USD

174.29 Price
-0.260% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

XRP/USD

0.60 Price
-0.020% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

DOGE/USD

0.13 Price
-2.500% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

BTC/USD

67,079.95 Price
-0.450% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

Read more: Argo Blockchain borrows to build out data centre

The difference between stocks and CFDs

The main difference between CFD trading and stock trading is that you don’t own the underlying stock when you trade on an individual stock CFD.

With CFDs, you never actually buy or sell the underlying asset that you’ve chosen to trade. You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional stock trading you enter a contract to exchange the legal ownership of the individual shares for money, and you own this equity.

CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional stock trading, you buy the shares for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks.

CFDs attract overnight costs to hold the trades, (unless you use 1-1 leverage) which makes them more suited to short-term trading opportunities. Stocks are more normally bought and held for longer. You might also pay a stockbroker commission or fees when buying and selling stocks.

Markets in this article

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