Argo Blockchain Records Jump in BTC Production and Revenue in May 2023

Argo Blockchain plc, a global leader in cryptocurrency mining, has announced a significant increase in Bitcoin (BTC) production for May 2023. The company mined 173 BTC, averaging 5.6 BTC per day. This figure represents a 16% increase compared to the daily average of 4.8 BTC in April 2023. The surge in BTC production is due to improved uptime and operational efficiency across Argo’s mining fleet and an increase in Bitcoin network transaction fees.

Moreover, Argo’s mining revenue in May totaled $4.75 million. This figure is a 14% increase over the previous month’s revenue of $4.17 million. By the end of May, Argo’s BTC holdings decreased to 50 from 83 in April. This decrease came as a result of Argo selling some digital assets with the intent of using the proceeds to pay down debt.

The company has maintained its total hashrate capacity at 2.5 EH/s. However, Argo anticipates an increase in this figure. The company plans to add new BlockMiner machines at its Quebec facilities later this year, which should increase the total hashrate capacity by 12% to approximately 2.8 EH/s.

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