Argo Blockchain Boosts Bitcoin Mining by 34% in September 2023

Argo Blockchain reported a 34% surge in Bitcoin mining in September 2023. The company mined 136 Bitcoins last month, marking a significant increase from August. Their mining revenue also jumped, showing a 23% rise to reach $3.59 million, according to financemagnates.

The escalation in Bitcoin mining resulted from a decrease in power expenses. Argo managed to save on electricity costs by utilizing power credits from economic curtailment. Specifically, these credits stemmed from fewer curtailment hours at Argo’s Helios facility. However, an increased network difficulty in September did pose a challenge. Regardless, Argo’s determination prevailed, leading to an enhanced mining revenue for the month.

By the end of September, Argo Blockchain‘s reserves comprised 32 BTC. This decreased from the 49 BTC they held in August. The decline is attributed to the revaluation of the company’s non-Bitcoin digital assets.

On the infrastructure front, Argo integrated its BlockMiner machines during September. This added approximately 0.3 EH/s to their hashrate capacity at their Quebec facilities. With this, Argo’s total hashrate capacity now impressively stands at about 2.8 EH/s.

While Argo’s progress is commendable, a year-on-year comparison paints a different picture. September 2022’s report highlighted the company mining 215 BTC, a figure 79 BTC higher than this year.