By Joe Hoppe


Argo Blockchain PLC said Tuesday that it mined less bitcoin or bitcoin equivalents on-month in October due to a significant increase in bitcoin network difficulty, and mining revenue fell.

The London-listed cryptocurrency mining company said it mined 204 bitcoin or equivalents in October, down from 215 in September.

As of Oct. 31, it held 138 bitcoins or equivalents. Based on daily foreign exchange rates and cryptocurrency prices over the month, mining revenue in October amounted to 3.5 million pounds ($4.1 million), down from GBP3.8 million in September.

Gross loss however narrowed to GBP1.5 million, from GBP5.8 million in September.

The company said it has also repaid the outstanding $6.7 million due under a bitcoin-backed loan with Galaxy Digital, consistent with its risk management strategy and reducing balance sheet exposure to downside bitcoin price risk.

Argo said it was also continuing to engage in financing discussions.

Shares at 0847 GMT were down 0.5 pence, or 6.5% at 7.0 pence.


Write to Joe Hoppe at joseph.hoppe@wsj.com


(END) Dow Jones Newswires

11-08-22 0406ET