Argo Blockchain PLC (LON: ARB), a publicly traded Bitcoin mining company that’s one of the largest in the world, has released an operational update showing its mining margin decreased to 20% in August.
In this latest blockchain news, and as per the company’s announcement Friday, the reduction in mining margin – from 37% in July – was down to two factors:
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Bitcoin (BTC) price dropping 11% during the month and rising power costs at the firm’s mining facility Helios.
Notably, Argo’s power purchase agreement at the Texas-based facility provides for spot purchases of power. In August 2022, spot market prices averaged at $0.09 per kWh, almost three times prices in previous years, a scenario that has contributed to the reduced margin.
Argo’s mining revenue increased
Explaining the high spot power costs in West Texas, the firm pointed to the 204% jump in natural gas prices, the highest over...
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