Argo Blockchain Stands Out for Its Excellent Bitcoin Production and Announces the Departure of the COO
Argo Blockchain, a UK-based cryptocurrency miner (LSE: ARGO), reported its highest Bitcoin mining performance since May. The company also announced that Chief Operating Officer Seif El Bakly is leaving the company “to pursue new opportunities.” The company, in a separate announcement, announced the issuance of new ordinary shares worth PS7.8 million.
Argo Blockchain Reports Increase in Bitcoin Production for December
The company has announced a significant increase in its profitability. Bitcoin Production for December 2023 saw a mining of 155 Bitcoins and an average of 5 BTC per day, an increase of 4% compared to previous months. The increase in Bitcoin production can be attributed to a number of factors, such as higher transaction fees on the Bitcoin network and improved operational efficiency. Argos mining revenue reached $6.6 million in December, a significant increase of 25% compared to November 2023. It was also the highest this year.
The course of the year showed a different pattern in Bitcoin mining. With the highest production in January (168 Bitcoin) and a significant decline in August (105), there were differences in the patterns. However, the company showed resilience and recorded a steady increase towards the end, peaking in December. Revenue figures also followed a similar pattern, showing the company’s ability to adapt to the volatility of cryptocurrency mining.
Thomas Chippas, Argo’s CEO appointed in November, said that our daily production in the fourth quarter of 2020 was up to 4.8 Bitcoin per day. This was a 20% increase from the previous quarter. This is despite the fact that average monthly network difficulty increased 19% in the fourth quarter compared to the previous quarter.
Seif El Bakly, the company’s former COO, resigned as such on January 5, 2024. This marked a significant change in the leadership structure. El-Bakly was thanked for his contributions and leadership. He served as interim CEO from February to November 2023.
Argo is conducting a separate maneuver. Blockchain A new share offering to institutional investors secured PS7.8 million (US$9.9 million). The placement of 38,064,000 new common shares at a price of 0.205 PS represents a slight reduction compared to the 30-day average trading prices. This capital is used for working capital, debt repayment, and other corporate purposes. Argo Blockchain is now well positioned for further growth and stability.
