DeFi Planet

Argo Blockchain, a Bitcoin mining company, reported an increase in revenue for November despite a drop in Bitcoin mining output, according to its latest production update released on December 4.

The London-based firm mined 39 BTC in November, a decline from 46 BTC in October. This reduced daily output from 1.5 BTC to 1.3 BTC. However, revenue rose to $3.4 million, up from $3.0 million in October. Argo attributed the growth to improved hashprice and a higher realized Bitcoin price in November.

The update follows a challenging third quarter for the company, which saw a 28% year-over-year revenue drop. Q3 revenue totalled $7.5 million, down from $10.4 million in 2023, while total revenue for the first nine months of 2024 reached $36.7 million, up slightly from $34.4 million during the same period last year.

In Q3, Argo mined 123 BTC, maintaining an average daily output of 1.3 BTC. However, mining margins plummeted to 8%, compared to 58% in Q3 2023, due to the absence of power credits that boosted last year’s results. The company’s net loss for the quarter improved to $6.3 million, down from $9.9 million in Q3 2023.

The broader Bitcoin mining industry has faced mixed performance following April’s Bitcoin halving event. Some firms, like Singapore-based Bitdeer, are expanding operations. The miner announced in June that it had secured a 30-year lease agreement for up to 570 MW of power capacity to power its operations in the U.S. state of Ohio.

Meanwhile, Northern Data, based in Europe, announced plans to exit mining operations and focus on its AI infrastructure divisions. Notably, Bitdeer stated the Ohio agreement would support its growth in Bitcoin mining, high-performance computing (HPC), and artificial intelligence (AI).

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