During the month of November, Argo mined 198 Bitcoin or Bitcoin Equivalents (together, BTC) compared to 204 BTC in October 2022.The decrease in BTC mined was primarily due to an increase in the Bitcoin network difficulty in November compared to October.The Company's total hashrate capacity continues to be 2.5 EH/s.
As of 30 November 2022, the Company held 126 Bitcoin, of which 116 were BTC Equivalents.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in November amounted to £2.94 million [$3.46 million*] (October 2022: £3.55 million [$4.00 million*]).
Argo generated this income at a Bitcoin and Bitcoin Equivalent Mining Margin of 29% for the month of November (October 2022: 32%).
As first announced in November 2021 and reiterated in January 2022, from 31 December 2022 ARBKF shares will no longer be traded on the OTCQX Best Market. Holders of the ARBKF shares have the option to convert these shares to the Nasdaq-listed ADRs (Ticker: ARBK). Instructions for this process are available on the Investor Resources page of the Company's website. Conversion of the ARBKF shares is not required; the ARBKF shares will continue to trade on the OTC Pink Market starting in January 2023.
Argo continues to engage in financing discussions, as announced on 31 October 2022, to provide the Company with working capital sufficient for its present requirements. A further announcement will be made in due course.
No Assurance of Definitive Agreements. While Argo is exploring financing opportunities, there can be no assurance that any definitive agreements will be signed or that any transactions will be consummated. Should Argo be unsuccessful in completing any further financing, Argo would become cash flow negative in the near term and would need to curtail or cease operations.The Company is endeavoring to complete such financing transactions to provide the Company with working capital sufficient for its present requirements.
$(000s) $(000s Gross profit/(loss) (1,673) (1,724) Gross Margin (42%) (50%)
Non mining revenue (47) (39) Depreciation of mining equipment 2,177 2,180 Change in fair value of digital currencies(1) 658 1 Realised (profit)/loss on sale of digital currencies 72 581 Mining Profit 1,271 1,000 Bitcoin and Bitcoin Equivalent Mining Margin 32 29
(1) Due to unfavorable changes in the fair value of BTC there was a loss on the change in fair value of digital currencies in October and November 2022.
* Dollar values translated from pound sterling into U.S. dollars using the noon buying rate of the Federal Reserve Bank of New York as at the applicable dates
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