Argo Blockchain ups Bitcoin mining production in March amid relocation

(Alliance News) – Argo Blockchain PLC on Friday said it mined more Bitcoin in March than a month earlier, despite network difficulties.

The London-based cryptocurrency miner said it mined 103 Bitcoin in March, or 3.3 Bitcoin per day. This represents a 5% in daily Bitcoin production compared to February, despite a 4% higher average network difficulty in March.

Mining revenue was up 55% to USD7.0 million in March from USD4.5 million in February.

During the month, Argo Blockchain sold its Mirabel facility and relocated its mining machines from Mirabel to its facility in Baie Comeau, Quebec.

The relocated miners were deployed and actively hashing at Baie Comeau before the end of March, Argo Blockchain said, and the relocation had minimal impact on monthly Bitcoin production.

“I’m pleased by the increase in daily Bitcoin production we achieved in March, despite an increase to average network difficulty and the limited downtime from relocating our miners to Baie Comeau following the sale of our Mirabel facility,” said Chief Executive Officer Thomas Chippas.

“As we approach the halving, we continue to focus on streamlining our operations and running as efficiently as possible.”

Shares in Argo Blockchain were down 1.8% to 12.52 pence each in London on Friday morning.

By Greg Rosenvinge, Alliance News senior reporter

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