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Argo Blockchain Loss Widened, Mined Less Bitcoin in Sept; Shares Fall


By Joe Hoppe

Argo Blockchain PLC shares fell Tuesday after it said that its gross loss widened in September widened on month, and that it mined less bitcoin, primarily due to network difficulties and energy-price increases.

Shares at 0728 GMT were down 5.75 pence, or 27%, at 15.75 pence.

The cryptocurrency mining company posted a gross loss of 5.8 million pounds ($6.4 million) for the month, widening from GBP4.5 million in August.

During September, the company said it mined 215 bitcoin or bitcoin equivalents, down from 235 in August.

Argo said the decrease was primarily due to a 12% increase in average network difficulty over the month, and said it is continuing to curtail operations at its Helios facility in Dickens County, Texas, during periods of high electricity prices.

Mining revenue fell to GBP3.8 million in September from GBP4.4 million in August, based on daily foreign-exchange rates and cryptocurrency prices.

The company also said Chief Technology Officer Perry Hothi will step down from his role on Oct. 15, with current Vice President of Technology and Development Jean Esquier taking over the position.

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



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