Argo Blockchain is a global leader in cryptocurrency mining and is listed on the NASDAQ and LSE. In September, the company mined 215 BTC, down from 235 BTC in August. This decrease in BTC mining output was due to a 12% increase in the network difficulty during September. Furthermore, the company has curtailed operations at its Helios facility in Dickens County, Texas, during times of high electricity prices.
The company has numerous offices throughout the world, including offices in the United States, Canada, and the United Kingdom. It also has mining operations at Helios and Baie Comeau. Its subsidiaries include Argo Innovation Labs Inc. and 9377-2556 Quebec Inc., which are all located in North America.
In July, Argo sold 887 Bitcoins for $20 million. The company also generated $15.6 million in Bitcoin trades and mined 179 BTC. These numbers represent 28% of the entire amount of Bitcoins sold last month. Argo currently has 1,935 Bitcoins, which is the equivalent of 210 BTC. However, the company has an outstanding loan balance of $22 million from Galaxy Digital.
The company has a difficult environment to operate in. Energy prices are high, making it difficult for mining businesses to survive. This has resulted in higher costs of energy, which has reduced bitcoin’s price. The company has also faced a deterioration in its liquidity position, which is causing it to issue more shares to investors.