Argo Blockchain plc, a major player in the global cryptocurrency mining sector, has provided an operational update for May 2023, showing an increasing number of products being produced. Digital currencies
Digital currencies
Using cryptography, virtual currencies, commonly known as cryptocurrencies, are virtually counterfeit-proof digital currencies built on blockchain technology. Blockchain technology consists of decentralized networks, and is not supervised by a central authority, so cryptocurrencies operate with a decentralized nature which in theory makes them immune to government interference. The term cryptocurrency is derived from the origin of the encryption technologies used to secure the network
Using cryptography, virtual currencies, commonly known as cryptocurrencies, are virtually counterfeit-proof digital currencies built on blockchain technology. Blockchain technology consists of decentralized networks, and is not supervised by a central authority, so cryptocurrencies operate with a decentralized nature which in theory makes them immune to government interference. The term cryptocurrency is derived from the origin of the encryption technologies used to secure the network
Read this term. The company, which is listed on both the London Stock Exchange (LSE:ARB) and NASDAQ (ARBK), has shown a significant uptick in bitcoin (BTC) mining.
Argo Blockchain reports the highest BTC production
During the month of May, Argo mined a total of 173 BTC, averaging 5.6 BTC per day. This represents a significant increase of 16% from the previous month, with an average daily production rate of 4.8 BTC. The bulge in bitcoin production can be attributed to increased uptime and improved operational efficiency of the company’s mining fleet. Moreover, a jump in transaction fees on the bitcoin network also contributed to the overall increase in production.
Additionally, the prior month saw Argo’s mining revenue rise to $4.75 million — a solid 14% jump from April’s earnings of $4.17 million. However, the company did notice a decrease in BTC holdings during the month, with 50 BTC held at the end of May, down from 83 BTC held at the end of April. This decline stems from the company’s decision to liquidate some digital assets with the intention of using the proceeds to pay off debts.
“I am pleased with the significant increase in BTC production for the company during the month of May,” commented Seif El-Bokly, Interim CEO of Argo Blockchain. “This is testament to the hard work our Mining Operations team is working to improve performance across our fleet.”
Argo Blockchain’s total hash rate capacity remains stable at 2.5 Exahashes Per Second (EH/s). However, the company expects an increase in capacity after introducing new BlockMiner machines at its Quebec facility later this year. The additional machine is expected to raise the company’s total hash rate capacity by 12%, to approximately 2.8 EH/s.
“In the long term, I believe that increased activity of the Bitcoin network has the potential to increase demand for block space and increase mining fees,” El-Baqli added. His statement reflects a positive outlook on the future prospects of bitcoin mining operations, demonstrating Argo’s commitment to capitalizing on promising market dynamics.
Argo generated 491 bitcoins in the first quarter, but the net result is on the negative side
Yesterday (Tuesday), Argo published unaudited financial results for the first quarter of 2023, showing total BTC production of 491 tokens in the cited period and an average mining rate similar to the May numbers. Although the report showed a significant improvement in revenues, cash reserves and cost reduction, the company was unable to achieve a positive net result.
Argo Blockchain had a 15% increase in revenue over the fourth quarter of 2022, totaling $11.4 million. Despite incurring a net loss of $8.7 million, the company had an adjusted EBITDA of $1.6 million.
In its recently published 2022 financial statements, the listed miner reported year-end revenue of $58.6 million, which is a significant drop of 36%. The company experienced a net loss of $240.2 million for the year, primarily attributed to the depreciation of cryptocurrencies.
Although the company recorded a net loss, it appears that it is on its way to stabilization. However, that stability seemed far from guaranteed near the end of last year
bankruptcy
bankruptcy
Bankruptcy or insolvency is a legal term and refers to the inability to pay debts. Business and person can declare bankruptcy. When a person or company claims bankruptcy, it is described as voluntary bankruptcy, and when debtors force you into bankruptcy, it is referred to as involuntary bankruptcy. Voluntary bankruptcy occurs when the debtor or borrower, the party to whom the money is owed, goes to the courts. Involuntary bankruptcy occurs when your creditors petition the corporation
Bankruptcy or insolvency is a legal term and refers to the inability to pay debts. Business and person can declare bankruptcy. When a person or company claims bankruptcy, it is described as voluntary bankruptcy, and when debtors force you into bankruptcy, it is referred to as involuntary bankruptcy. Voluntary bankruptcy occurs when the debtor or borrower, the party to whom the money is owed, goes to the courts. Involuntary bankruptcy occurs when your creditors petition the corporation
Read this term looming. Fortunately, a strategic deal with Galaxy Digital Holdings Limited, a financial firm specializing in digital assets, effectively protected the company from the threat of closure.
Argo Blockchain plc, a major player in the global cryptocurrency mining sector, has provided an operational update for May 2023, showing an increasing number of products being produced. Digital currencies
Digital currencies
Using cryptography, virtual currencies, commonly known as cryptocurrencies, are virtually counterfeit-proof digital currencies built on blockchain technology. Blockchain technology consists of decentralized networks, and is not supervised by a central authority, so cryptocurrencies operate with a decentralized nature which in theory makes them immune to government interference. The term cryptocurrency is derived from the origin of the encryption technologies used to secure the network
Using cryptography, virtual currencies, commonly known as cryptocurrencies, are virtually counterfeit-proof digital currencies built on blockchain technology. Blockchain technology consists of decentralized networks, and is not supervised by a central authority, so cryptocurrencies operate with a decentralized nature which in theory makes them immune to government interference. The term cryptocurrency is derived from the origin of the encryption technologies used to secure the network
Read this term. The company, which is listed on both the London Stock Exchange (LSE:ARB) and NASDAQ (ARBK), has shown a significant uptick in bitcoin (BTC) mining.
Argo Blockchain reports the highest BTC production
During the month of May, Argo mined a total of 173 BTC, averaging 5.6 BTC per day. This represents a significant increase of 16% from the previous month, with an average daily production rate of 4.8 BTC. The bulge in bitcoin production can be attributed to increased uptime and improved operational efficiency of the company’s mining fleet. Moreover, a jump in transaction fees on the bitcoin network also contributed to the overall increase in production.
Additionally, the prior month saw Argo’s mining revenue rise to $4.75 million — a solid 14% jump from April’s earnings of $4.17 million. However, the company did notice a decrease in BTC holdings during the month, with 50 BTC held at the end of May, down from 83 BTC held at the end of April. This decline stems from the company’s decision to liquidate some digital assets with the intention of using the proceeds to pay off debts.
“I am pleased with the significant increase in BTC production for the company during the month of May,” commented Seif El-Bokly, Interim CEO of Argo Blockchain. “This is testament to the hard work our Mining Operations team is working to improve performance across our fleet.”
Argo Blockchain’s total hash rate capacity remains constant at 2.5 Exahashes Per Second (EH/s). However, the company expects an increase in capacity after introducing new BlockMiner machines at its Quebec facility later this year. The additional machine is expected to raise the company’s total hash rate capacity by 12%, to approximately 2.8 EH/s.
“In the long term, I believe that increased activity of the Bitcoin network has the potential to increase demand for block space and increase mining fees,” El-Baqli added. His statement reflects a positive outlook on the future prospects of bitcoin mining operations, demonstrating Argo’s commitment to capitalizing on promising market dynamics.
Argo generated 491 bitcoins in the first quarter, but the net result is on the negative side
Yesterday (Tuesday), Argo published unaudited financial results for the first quarter of 2023, showing total BTC production of 491 tokens in the cited period and an average mining rate similar to the May numbers. Although the report showed a significant improvement in revenues, cash reserves and cost reduction, the company was unable to achieve a positive net result.
Argo Blockchain had a 15% increase in revenue over the fourth quarter of 2022, totaling $11.4 million. Despite incurring a net loss of $8.7 million, the company had an adjusted EBITDA of $1.6 million.
In its recently published 2022 financial statements, the listed miner reported year-end revenue of $58.6 million, which is a significant drop of 36%. The company experienced a net loss of $240.2 million for the year, primarily attributed to the depreciation of cryptocurrencies.
Although the company recorded a net loss, it appears that it is on its way to stabilization. However, that stability seemed far from guaranteed near the end of last year
bankruptcy
bankruptcy
Bankruptcy or insolvency is a legal term and refers to the inability to pay debts. Business and person can declare bankruptcy. When a person or company claims bankruptcy, it is described as voluntary bankruptcy, and when debtors force you into bankruptcy, it is referred to as involuntary bankruptcy. Voluntary bankruptcy occurs when the debtor or borrower, the party to whom the money is owed, goes to the courts. Involuntary bankruptcy occurs when your creditors petition the corporation
Bankruptcy or insolvency is a legal term and refers to the inability to pay debts. Business and person can declare bankruptcy. When a person or company claims bankruptcy, it is described as voluntary bankruptcy, and when debtors force you into bankruptcy, it is referred to as involuntary bankruptcy. Voluntary bankruptcy occurs when the debtor or borrower, the party to whom the money is owed, goes to the courts. Involuntary bankruptcy occurs when your creditors petition the corporation
Read this term looming. Fortunately, a strategic deal with Galaxy Digital Holdings Limited, a financial firm specializing in digital assets, effectively protected the company from the threat of closure.