Argo Posts a Jump in BTC Mining during August

On 9 September 2022, Argo Blockchain, a public-listed crypto mining firm, published its operational updates for August 2022. During the mentioned period, Argo witnessed a decent spike in crypto mining activities as the company mined a total of 235 BTC, compared to 219 BTC in July 2022.

The details shared by Argo show that the spike was primarily driven by a jump in the total hash rate capacity at the Helios facility. Since the start of this year, the company has installed several new BTC mining machines at the mentioned facility.

Peter Wall, the Chief Executive at Argo Blockchain, said: "The increase in BTC mined this month reflects the hard work put in by our operations team. The new Bitmain SJ19 Pros are already showing great promise, and we look forward to unlocking their full potential in the coming months as we complete their installation. Additionally, we are excited about our strategic hosting agreement, which enables us to utilize excess capacity at Helios and further increase our hash rate."

BTC Mining

Amid rising energy prices and growing competition, BTC mining is getting difficult for small players in the market. However, prominent participants in the crypto-mining ecosystem have increased their operations significantly in the last few months.

"While our mining margin is lower than expected, the recent high natural gas and electricity prices are a temporary reflection of broader market dislocations, and we are confident that electricity prices will align with historical trends in the near future. Further, electricity prices are seasonal, and we expect prices to decrease as temperatures come down through the cooler months. We will continue to monitor the market and evaluate our options for securing a long-term fixed price PPA,” Wall added in the recent announcement.

In April 2022, Bitcoin mining difficulty touched its highest level on record.