Argo Blockchain, the leading UK-based cryptocurrency miner, has announced its highest Bitcoin (BTC) mining output since May. In December 2023, the company reported mining 155 Bitcoin, with an average daily mining rate of 5 BTC. This marks a significant increase of 4% from the previous month. The boost in Bitcoin production can be attributed to factors such as increased transaction fees on the Bitcoin network and improved operational efficiency.
The mining revenue for December reached $6.6 million, representing a substantial increase of 25% from November 2023 and the highest figure for the year. This positive trajectory in Bitcoin production and revenue follows a varying pattern throughout the year, with the highest production recorded in January (168 Bitcoin) and a noticeable decline in August (105 Bitcoin). However, Argo Blockchain has demonstrated resilience and adaptability by steadily increasing its mining output towards the end of the year, culminating in the peak achievement in December.
In a separate announcement, Argo Blockchain revealed the departure of its Chief Operating Officer (COO), Seif El-Bakly, who has decided to pursue other opportunities. El-Bakly, who previously served as the Interim CEO, has been acknowledged for his contributions and leadership. The company’s operations team, under the guidance of the Chief Strategy Officer, Sebastien Chalus, will continue without disruption.
To support its growth plans and operational stability, Argo Blockchain has secured £7.8 million ($9.9 million) through a new share issuance to institutional investors. The placement of 38,064,000 new ordinary shares, priced at £0.205 each, will be utilized for working capital, debt repayment, and general corporate purposes.
Overall, Argo Blockchain’s record-breaking Bitcoin mining output in December 2023 highlights its continued success and adaptability in the dynamic cryptocurrency mining industry. The company’s strategic moves, including the departure of the COO and the successful share issuance, position it for further growth and stability in the future.
The source of the article is from the blog scimag.news