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Seeking Alpha 2022-07-07 09:19:16

Argo Blockchain mines 44% higher bitcoins in June

Argo Blockchain (NASDAQ:ARBK) mined 179 Bitcoin or Bitcoin Equivalent (together, BTC) in June 2022 compared to 124 BTC in May 2022, mainly attributed to an increase in total hashrate capacity and greater uptime at the Helios facility compared to the previous month.Based on daily foreign exchange rates and crypto rates, mining revenue stood at £3.38M (or $4.35M) compared to £3.07M (or $3.89M in prior month).The company generated this income at a bitcoin and bitcoin equivalent mining margin of ~50% compared to 55% in prior month, driven primarily by reduced price of Bitcoin and higher electricity costs at Helios.As of June end, Argo owned 1,953 Bitcoin, of which 210 were BTC Equivalents.During the month of June, the company sold 637 Bitcoin at an average price of approximately $24,500.As of 30 June 2022, the company had an outstanding balance of $22M under the BTC-backed loan.The company is confident that it possesses sufficient liquidity to avoid any potential liquidation of the BTC-backed loan if Bitcoin price continues to decline.During the month of June, the company increased its total hashrate capacity to 2.2 EH/s. The company remains on track to install all 20,000 machines purchased from Bitmain by October 2022.

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