17:00 Wed 03 Jun 2020
Argo Blockchain PLC - May Operational Update
Press Release
('Argo' or 'The Company')
May Operational Update
This announcement contains inside information
May was a significant month for Bitcoin because of the block reward halving on 11 May. A Bitcoin halving is a periodic event that cuts the amount of Bitcoin rewarded for mining a block in half. This change occurs at every 210 000 blocks mined or approximately every four years. A halving reduces the rate at which new Bitcoin is released into circulation and steadily reduces the total supply of new Bitcoin until all 21 million are released. Historically, halvings have reduced the level of inflation and have helped drive up the value of Bitcoin, thus maintaining an incentive for the most efficient miners to remain active, while older, less efficient miners become less profitable and exit the market.
During the month of May, Argo mined 252 Bitcoin or Bitcoin Equivalent (BTC) compared to 319 Bitcoin Equivalent in April. This takes the total amount of BTC mined in the first five months of this year to 1,489 BTC. The reduction in the number of coins mined month to month was largely a result of the halving.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in May amounted to
At month-end the Company held 117 BTC in Bitcoin equivalents, in accordance with the Company's asset management strategy.
Argo's total mining capacity stands at 18,000 machines and 730 Petahash, a 244% increase in hashpower from the end of last year. In addition, the company has 200 Megasols of equihash mining capacity.
For further information please contact:
Argo Blockchain |
|
Chief Executive
Executive Chairman
|
via Tancredi +44 203 434 2334
|
Corporate Broker |
|
|
+44 203 167 7221 |
Media Relations |
|
Salamander Davoudi
Emma Valgimigli
|
+44 7957 549 906
+44 7727 180 873
|
About Argo:
See Argo's largest facility in
This information is provided by RNS, the news service of the
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of...
FOR OUR FULL DISCLAIMER CLICK HERE