Argo Blockchain, one of the cryptocurrency mining giants, reduced the cost of Bitcoin production by 33%.
Argo Blockchain published its activity report for the third quarter of the year today. The company generated $10.4 million in revenue during the quarter by producing 370 Bitcoin and Bitcoin-like assets.
Increasing the number of devices used in its facilities in Quebec, Argo Blockchain increased its total hash rate capacity to 2.8 EH/s.
The company increased its margin in mining from 36% to 58%, thanks to the $4.4 million energy credit it accumulated during periods when electricity prices were high.
Argo Blockchain also reported in the third quarter Bitcoin production cost per unit increased from $17,566 to $11,736 compared to the previous quarter. He stated that he fell.
Argo, which closed the third period with a net loss of $9.9 million, has $8 million in cash on its balance sheet as of September 2023; There are 32 Bitcoins.