Argo mined 39 BTC in November, generating $3.4 million in revenue despite a drop in production compared to October.
Bitcoin (BTC) mining company Argo Blockchain released its November production update, showing an increase in revenue despite a decline in Bitcoin mining. In a press release on December 4, the company revealed that it mined 39 BTC in November, down from the 46 BTC produced in October, reflecting a drop in daily production from 1.5 BTC to 1, 3 BTC.
Despite producing fewer Bitcoins, the London-based crypto mining company reported revenue of $3.4 million for November, up from $3.0 million in October, which Argo attributes to “higher hash prices and BTC prices achieved in November compared to October”.
The November update follows a rough third quarter for Argo, which reported a 28% year-over-year revenue decline. For the third quarter, the company generated revenue of $7.5 million, compared to $10.4 million in the third quarter of 2023. However, total revenue for the first nine months of 2024 amounted to $36.7 million, a slight increase from $34.4 million in the same period in 2023.
During the third quarter, Argo mined 123 BTC, an average of 1.3 BTC per day. Mining margins were also hit, falling to 8% from 58% in the third quarter of 2023, largely due to the absence of energy credits that had supported last year’s performance.
Despite the challenges, the company’s net loss for the quarter improved to $6.3 million from $9.9 million in the third quarter of 2023. After Argo’s November production update, the company’s shares fell 14.27% in pre-market trading, according to Nasdaq data.
