Argo Blockchain Shared June’s Bitcoin Mining Update; What’s New?

June's Bitcoin Mining Snapshot: Argo Blockchain's Resilient Output

On July 5, Argo Blockchain, a blockchain technology company focused on large-scale cryptocurrency mining released its Bitcoin (BTC) mining update. The company mined 44 BTC or BTC Equivalents, equating to 1.5 BTC per day, totaling $2.9 Million in mining revenue for June 2024. 

At press time, BTC was hovering at $53,919.46, after a 6.02% decline in a day with $1,064,167,093,103 in market cap and $50,663,565,234 in 24-hour volume. 

Argo’s press release reported all the mining and asset-holding details. 

Source: X

With mining margins of approximately 30%, Argo holds over 11 BTC as of 30 June 2024, equivalent to May’s BTC holdings. When compared with the May 2024 report, no major improvements were recorded.  

May & June Bitcoin Mining Report Comparision

In May 2024, Argo Blockchain mined 45 Bitcoin or BTC Equivalents, or 1.5 BTC per day, and generated a mining revenue of $2.9 Million. The mining revenue and mining margin remained stagnant, indicating no improvement.

Furthermore, approximately 56% of the drop was recorded in mining revenue when compared with April month’s report. The company generated a mining revenue of $6.6 Million and mined approximately 3.3 BTC per day, in April 2024. 

The Bitcoin halving event on April 20, 2024, resulted in reduced hashprice and was considered one of the major reasons behind the performance drop. The halving event takes place about every four years and lowers the block reward by 50% 

Argo Vs Metaplanet Vs MicroStrategy

As of June 2024, Argo Blockchain holds approximately 11 BTC whereas Metaplanet and MicroStrategy have more coins in their basket. In 2021, the company was recognized as the most climate-positive cryptocurrency mining company. 

Metaplanet, a publicly traded company in Japan recently purchased 20.20 BTC worth 200 Million Yen which led the company’s total BTC holding to 141 BTC. The company is categorized among the biggest BTC holders in Japan. 

MicroStrategy, a business intelligence (BI), mobile software, and cloud-based services provider is one biggest BTC holder companies at present. The company holds approximately 226,331 BTC as of June 24, 2024.

Conclusion

Argo Blockchain's June update reveals a consistent mining output with 44 BTC mined, equating to $2.9 million in revenue, despite no significant improvement from May. The company's BTC holdings remain at 11 BTC. The report comes amidst a broader market downturn, including a 6.02% decline in Bitcoin's value. Comparatively, Metaplanet and MicroStrategy hold larger BTC reserves, with recent purchases bolstering their positions.