Argo Blockchain posts $3.4m mining revenue despite dip in Bitcoin output

Argo mined 39 BTC in November, generating $3.4 million in revenue despite a production drop from October.

Bitcoin (BTC) mining firm Argo Blockchain has released its November production update, showcasing an increase in revenue despite a decline in Bitcoin mining. In a Dec. 4 press release, the firm revealed it had mined 39 BTC in November, a decrease from the 46 BTC produced in October, reflecting a drop in daily output from 1.5 BTC to 1.3 BTC.

Despite producing fewer Bitcoins, the London-headquartered crypto mining firm reported $3.4 million in revenue for November, up from $3.0 million in October, what Argo attributes to the “higher hashprice and BTC price realized in November as compared to October.”

The November update follows a challenging Q3 for Argo, which reported a 28% year-over-year revenue decline. For the third quarter, the firm generated $7.5 million in revenue, down from $10.4 million in Q3 2023. However, total revenue for the first nine months of 2024 stood at $36.7 million, a slight increase from $34.4 million during the same period in 2023.

During Q3, Argo mined 123 BTC, averaging 1.3 BTC per day. Mining margins also took a hit, dropping to 8% from 58% in Q3 2023, largely due to the absence of power credits that had supported last year’s performance.

Despite the challenges, the company’s net loss for the quarter improved to $6.3 million from $9.9 million in Q3 2023. After Argo’s November production update, the firm’s shares fell 14.27% in pre-market trading, per data from Nasdaq.