7th Jun 2023 10:16
Argo Blockchain PLC - London-based cryptocurrency miner - Mines 173 bitcoin or 5.6 bitcoin equivalents per day in May, an increase of 16% from 144 bitcoin or 4.8 BTC in April. Argo Blockchain says this is driven by an increase in uptime and operational efficiency across the company's mining fleet, and an increase in transaction fees on the Bitcoin network. May mining revenue was USD4.8 million, up by 14% from USD4.2 million in April. At the end of May, Argo Blockchain holds 50 BTC, which was down from 83 BTC it held at the end of April.
Interim Chief Executive Officer Seif El-Bakly said: "This is a testament to the hard work of our mining operations team to optimise performance across our fleet. Over the long term, I believe increased Bitcoin network activity has the potential to drive demand for blockspace and increase miner fees."
Current stock price: 8.92 pence, down 0.9% in London on Wednesday
12-month change: down 82%
By Will Neill, Alliance News reporter
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