(Alliance News) - Argo Blockchain PLC on Tuesday said it mined less bitcoin in September than the month before as it faced increases in "average network difficulty" and the continued impact of high electricity prices.
Argo Blockchain was trading 17% lower at 17.83 pence each in London on Tuesday afternoon.
The London-based blockchain technology company said it mined 215 bitcoin or bitcoin equivalents, compared to 235 in August 2022. It said this was due to a 12% increase in "average network difficulty". The network difficulty is a measure of how difficult it is to mine bitcoins.
The company also limits operations at its Helios facility in Texas during periods of high electricity prices.
Based on exchange rates during September, mining revenue amounted to GBP3.8 million, down from GBP4.4 million the month before. Argo generated this income at a mining margin of 25% for September, up from 20% in August.
At September 30, Argo Blockchain held 512 bitcoin, of which 167 were bitcoin...
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