As a seasoned analyst with years of experience tracking the volatile crypto market, I find Argo Blockchain’s November performance intriguing. Despite a decline in Bitcoin production, the firm managed to boost its revenue by tapping into higher hash prices and BTC prices. This is a testament to their strategic decision-making and adaptability in an ever-changing market landscape.
In the month of November, Argo managed to mine approximately 39 Bitcoins, which translated into around $3.4 million in income for them, even though their production saw a decline compared to October.
Argo Blockchain, a company specializing in Bitcoin mining, shared its production report for November. Despite a decrease in Bitcoin mining, the company saw an uptick in revenue during this period. In a statement issued on December 4th, they disclosed that they mined approximately 39 Bitcoins in November, which is lower than the 46 Bitcoins produced in October. This reduction can be attributed to a decline in daily output from 1.5 Bitcoins per day to about 1.3 Bitcoins per day.
Although it mined fewer Bitcoins, the London-based crypto mining company generated $3.4 million in income during November, marking a rise from $3.0 million earned in October. This increase, according to Argo, is due to a higher Bitcoin price and hashprice in November compared to October.
In the latest update, Argo finds itself navigating a tough Q3, marked by a 28% drop in year-on-year revenue compared to 2023. The company’s earnings for the third quarter amounted to $7.5 million, a decline from the $10.4 million recorded in Q3 of 2023. Despite this setback, Argo managed to accumulate a total revenue of $36.7 million during the first three quarters of 2024, which is slightly higher than the $34.4 million earned during the corresponding period in 2023.
In Quarter 3 of this year, Argo extracted approximately 123 Bitcoins, which equates to about 1.3 Bitcoins per day. However, the profit margin from mining has decreased significantly, going from 58% in Q3 of 2023 to just 8%. This decline is mainly attributed to the lack of power credits that previously boosted Argo’s performance in the previous year.
In spite of the difficulties encountered, the company managed to reduce its quarterly net loss from $9.9 million in Q3 2023 to $6.3 million. Following Argo’s November production update, the firm saw a decline of 14.27% in pre-market trading, as indicated by data from Nasdaq.
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2024-12-04 13:05