CEO Peter Wall also hailed a rise in Bitcoin prices above US$10,000, which he said will positively impact margins going forward
() has reported a higher average monthly mining margin from its cryptocurrency operation in July.
In an operational update for the month, the AIM-listed firm reported a margin of 34%, up from 27% in June, adding that at the end of the period it held 76 Bitcoin and Bitcoin equivalents (BTC) in accordance with its asset management strategy.
READ: Argo Blockchain pays down debt and expands mining capacity as Bitcoin enters post-halving period
Argo also reported that during the month it had mined 165 Bitcoin and BTC compared to 180 in June, taking the total mined in the year-to-date to 1,834 BTC.
The company attributed the lower number of coins mined to a rise in mining difficulty mid-month, although it added that it is “pleased with the overall mining performance given market conditions”.
As a result of the cryptocurrency mined in the period, Argo reported revenues for July of £1.25mln compared to £.1.41mln in June.
“We are delighted the month of July saw Bitcoin break through the US$10,000 barrier as this will have a material and positive impact on our mining margins going forward if the price stays above this level. The directors consider Argo to be one of the most efficient miners in the sector and well placed to capitalise on the increase in the price of Bitcoin as a result”, Argo chief executive Peter Wall said in the operational update.