Argo Blockchain continued to demonstrate its credentials to investors ahead of the Argo Blockchain Nasdaq listing as it revealed a positive monthly update.
For the month of August, the cryptocurrency mining business (LSE: ARB) revealed that it had mined 206 Bitcoin Equivalent (BTC) during the month, resulting in a total of 1,314 BTC mined so far this year.
Due to a variety of factors including the resurgence of cryptocurrency prices, this resulted in revenue for August of £6.83m compared to revenue of £5.6m during the last month. This comes despite mining 19 less BTC during August.
Argo’s mining margin also improved to 86% compared to 83% during the previous month as it revealed it now holds a total of 1659 BTC equivalent.
And as part of its asset management strategy, it took the opportunity to sell 61 of its BTC to generate proceeds of over £2.14m – sold at an average price of $48,800.
Argo Blockchain CEO Peter Wall added:
“I am pleased that we have been able to deliver these results at an improved margin this month and continue to deliver value to our shareholders. “
The Argo Blockchain share price remained relatively unchanged during the day following the August update.