Key Points
- Argo Blockchain mined 39 BTC in November, resulting in $3.4 million in revenue.
- The firm experienced an increase in revenue despite a decrease in Bitcoin mining.
Argo Blockchain’s November Performance
Argo Blockchain, a Bitcoin (BTC) mining company, recently shared its production update for November.
The report revealed that the firm mined 39 BTC in November, a reduction from 46 BTC in October. This reflects a decrease in daily output from 1.5 BTC to 1.3 BTC.
Revenue Increase Despite Mining Decline
Despite mining fewer Bitcoins, the company, based in London, reported a revenue of $3.4 million in November. This is an increase from $3.0 million in October.
Argo attributes this rise in revenue to the higher hashprice and BTC price realized in November compared to October.
The November update comes after a challenging third quarter for Argo, which saw a 28% year-on-year revenue decline. In Q3, the firm generated $7.5 million in revenue, a decrease from $10.4 million in the same quarter in 2023.
However, the total revenue for the first nine months of 2024 was $36.7 million, a slight increase from $34.4 million during the same period in 2023.
During Q3, Argo mined 123 BTC, averaging 1.3 BTC per day. The mining margins also suffered, falling to 8% from 58% in Q3 2023, primarily due to the lack of power credits that boosted the previous year’s performance.
Despite these challenges, the company’s net loss for the quarter improved to $6.3 million from $9.9 million in Q3 2023. After the November production update, the firm’s shares fell 14.27% in pre-market trading, according to data from Nasdaq.