Argo Blockchain Mined Less Bitcoin in October; Mining Revenue Fell

By Joe Hoppe

Argo Blockchain PLC mentioned Tuesday that it mined much less bitcoin or bitcoin equivalents on-month in October because of a big improve in bitcoin community issue, and mining income fell.
The London-listed cryptocurrency mining firm mentioned it mined 204 bitcoin or equivalents in October, down from 215 in September.

As of Oct. 31, it held 138 bitcoins or equivalents. Primarily based on day by day overseas change charges and cryptocurrency costs over the month, mining income in October amounted to three.5 million kilos ($4.1 million), down from GBP3.8 million in September.
Gross loss nonetheless narrowed to GBP1.5 million, from GBP5.8 million in September.

                        

                

					

                     
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The corporate mentioned it has additionally repaid the excellent $6.7 million due underneath a bitcoin-backed mortgage with Galaxy Digital, per its threat administration technique and lowering steadiness sheet publicity to draw back bitcoin worth threat.
Argo mentioned it was additionally persevering with to interact in financing discussions.
Shares at 0847 GMT have been down 0.5 pence, or 6.5% at 7.0 pence.
Write to Joe Hoppe at joseph.hoppe@wsj.com