By Kathryn Hardison
Argo Blockchain PLC’s American depositary receipts increased 14% to $4.73 Friday after the crypotcurrency miner said its output was higher in August.
Argo mined 235 bitcoin or bitcoin equivalents last month, compared with 219 bitcoin or bitcoin equivalents in July, it said in a filing with the Securities and Exchange Commission.
The company said the increase was due to higher total hashrate capacity at its Helios facility. Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in August amounted to 4.39 million euros ($5.23 million), up from EUR3.89 million in July.
Argo also said it has entered into an agreement with an undisclosed third party that will allow Argo to operate mining machines owned by the third party at its Helios facility in Texas. Argo has committed to providing the third party with up to 32 megawatts of power capacity, which is enough to power more than 10,000 mining machines. Argo will receive 25% of net profits from bitcoin mined under the agreement.
Write to Kathryn Hardison at kathryn.hardison@wsj.com
