Argo Blockchain, a global leader in cryptocurrency mining, has provided an operational update for August 2023. During the month, the company mined 105 Bitcoin or Bitcoin Equivalents (BTC), or 3.4 BTC per day. The decrease in BTC mined compared to July is primarily due to economic curtailment at Helios, which generated significant power credits that are expected to offset the foregone revenue. Preliminary estimates indicate that the company realized negative power costs for its Helios operations in August. Mining revenue for August amounted to $2.93 million, a decrease of 24% compared to July. However, the company expects a significantly higher mining margin percentage in August due to the estimated power credits. As of August 31, the company held 49 BTC.
In August, Argo Blockchain installed and energized 900 BlockMiner machines, representing approximately 95 PH/s, at its Quebec facilities. This brings the company's total hashrate capacity to approximately 2.7 EH/s. The company expects to receive and deploy the remaining 728 BlockMiners in the coming months.
Argo Blockchain's management team will participate in the upcoming H.C. Wainwright Global Investment Conference in New York City on September 11, 2023.
On September 6, 2023, the company granted 2,071,076 RSUs (Restricted Stock Units) to new employees hired since April 1, 2023. The RSUs vest over a three-year period, with the first vesting occurring six months from the effective date of the grants.
Argo Blockchain's interim CEO, Seif El-Bakly, expressed excitement about the continued deployment of BlockMiner machines at the Quebec facilities and emphasized the importance of economic curtailment at Helios, which provided significant economic benefits to the company during periods of low Bitcoin prices.
This announcement contains inside information and includes 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.