Equity

Argo

Bitcoin

Northern

<div class="intro-text">
 Argo Blockchain, a Bitcoin mining company, reported an increase in revenue for November despite a drop in Bitcoin mining output, according to its<a style="color: #0000ff;" href="https://polaris.brighterir.com/public/argo_blockchain/news/rns/story/wv394qr" rel="noopener noreferrer nofollow"> latest production update</a> released on December 4.
</div>
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 c<a style="color: #0000ff;" href="https://polaris.brighterir.com/public/argo_blockchain/news/rns/story/xpvn73x" rel="noopener noreferrer nofollow">hallenging third quarter</a> 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.
RELATED: <a style="color: #0000ff;" href="https://defi-planet.com/2024/09/why-bitcoin-mining-companies-are-shifting-from-debt-to-equity/" rel="noopener noreferrer nofollow">Why Bitcoin Mining Companies Are Shifting from Debt to Equity</a>
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<a style="color: #0000ff;" href="https://defi-planet.com/2024/06/bitdeer-expands-bitcoin-mining-capacity-with-570-mw-leasing-deal-in-ohio/" rel="noopener noreferrer nofollow"> miner announced in June that it had secured a 30-year lease agreement</a> 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,<a style="color: #0000ff;" href="https://defi-planet.com/2024/10/northern-data-considers-selling-its-crypto-mining-unit-to-accelerate-ai-growth/" rel="noopener noreferrer nofollow"> announced</a> 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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Argo Blockchain Reports $3.4M Mining Revenue Despite Drop in Bitcoin Production

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