Argo Blockchain releases September 2024 operational update

Argo Blockchain (NASDAQ:ARBK), a prominent figure in the global cryptocurrency mining sector, has released its operational update for September 2024.

The company reported mining a total of 37 Bitcoins (BTC) during the month, maintaining a consistent daily production rate of 1.2 BTC, identical to its August figures.

Despite steady production, revenue for September experienced a slight decline, totalling $2.2 million compared to $2.3 million in August.

This decrease in revenue is attributed to ongoing economic curtailments and a lower hash price throughout the period.

The third quarter also saw a dip in mining margin, falling below 10%.

This reduction was primarily driven by the lesser hash price realized compared to the second quarter and an increase in power costs.

As of September 30, 2024, Argo Blockchain reported holding 4 BTC equivalents.