By Samuel Indyk
Investing.com – In its regular monthly operational update, Argo Blockchain (LON:) announced it has mined 165 or Bitcoin equivalent (BTC) in September, down from August’s 206 BTC mined. Year-to-date, the company has mined 1,479 BTC.
At the end of September, Argo Blockchain held a total of 1,836 BTC.
Based on daily foreign exchange rates and cryptocurrency prices during September, mining revenue amounted to £5.50 million, down from £6.83 million in August. The company generated the revenue at a BTC mining margin of approximately 84% down slightly from 86% in August.
The London-listed firm said it managed to maintain consistent margins despite the increase in network difficulty since July 2021.
The difficulty is a measure of how difficult it is to mine a block of Bitcoin. It is adjusted every 2016 blocks, or approximately every two weeks, so that the average time between each block remains 10 minutes.
The adjustment is made depending on the total estimated mining power on the network at any given time.
In late May, the difficulty peaked but then tumbled in June and July as China began its crackdown on the cryptocurrency industry, leading to the shutdown of mining operations in various provinces. Since July, the difficulty has started to increase again but still remains below the peak hit in May.
At 09:16BST, shares in Argo Blockchain were trading lower by 3.2% at 120.00 pence per share.
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