Argo Blockchain Reports Bitcoin Mining Revenue Of $2.2M For September 2024 Down From $2.3M In August 2024
Portfolio Pulse from Benzinga Newsdesk
Argo Blockchain reported a decrease in Bitcoin mining revenue to $2.2M in September 2024 from $2.3M in August 2024. The mining margin for Q3 was below 10% due to lower hash prices and higher power costs. The company held 4 BTC equivalent as of September 30, 2024.
October 04, 2024 | 6:23 am
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Argo Blockchain's revenue from Bitcoin mining decreased to $2.2M in September 2024, with a Q3 mining margin below 10% due to lower hash prices and increased power costs. The company held 4 BTC equivalent at the end of September.
The decrease in mining revenue and lower margins due to unfavorable hash prices and higher power costs are likely to negatively impact Argo Blockchain's stock price in the short term. The company's reduced BTC holdings also suggest a potential liquidity issue.
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