Even though output dropped from October to November, Argo mined 39 Bitcoin and made $3.4 million
Bitcoin mining company Argo Blockchain has posted its November production update, which shows that even though Bitcoin mining is down, the company is making more money. In a news release on December 4, the company said it had mined 39 BTC in November, less than the 46 BTC it had mined in October. This was due to a drop in daily output from 1.5 BTC to 1.3 BTC.
The crypto mining company based in London made $3.4 million in November, up from $3.0 million in October, even though it produced fewer Bitcoins. Argo attributes this increase to the “higher hash price and BTC price realized in November as compared to October.”
The November update comes after a tough third quarter for Argo, in which the company recorded a 28% drop in revenue year-over-year. The company made $7.5 million in the third quarter, which is less than the $10.4 million it made in the third quarter of 2023. However, sales for the first nine months of 2024 were $36.7 million, slightly more than the $34.4 million made during the same time period in 2023.
In the third quarter, Argo mined 123 BTC, or about 1.3 BTC every day. Mining margins also went down, from 58% in Q3 2023 to 8% now. This was mostly because there were no power credits to back last year’s performance.
Even with all the problems, the company’s net loss for the quarter went down from $9.9 million in Q3 2023 to $6.3 million. According to figures from Nasdaq, Argo’s shares dropped 14.27% in pre-market trading after the company talked about its November production.
