Argo Blockchain, a global leader in cryptocurrency mining, has provided an operational update for September 2023. During the month, the company mined 136 Bitcoin or Bitcoin Equivalents (BTC), or 4.5 BTC per day. The increase in BTC mined compared to August 2023 is primarily due to fewer hours of curtailment at Helios in September. The company also accrued significant power credits from economic curtailment, which reduce electricity costs, improve mining margins, and increase cash flow. Mining revenue in September amounted to $3.59 million, a 23% increase compared to the prior month.
As of September 30, 2023, Argo Blockchain held 32 BTC, a decrease from 49 at the end of August 2023. This drop is primarily due to the periodic revaluation of the company's non-Bitcoin digital asset holdings. During September, the company completed the deployment of its BlockMiner machines, representing approximately 0.3 EH/s of hashrate capacity deployed at the company's Quebec facilities. The company's total hashrate capacity is now approximately 2.8 EH/s.
This announcement contains forward-looking statements regarding the company's financial performance, business strategy, and plans. These statements address matters that involve risks and uncertainties and may not be indicative of results in subsequent periods. The company undertakes no obligation publicly to update or review any forward-looking statement. For a more complete discussion of factors that could cause actual results to differ, please refer to the company's filings with the United States Securities and Exchange Commission and the United Kingdom Financial Conduct Authority.
For further information, please contact Argo Blockchain's Investor Relations or the provided corporate brokers and media relations contacts.