Argo Blockchain increases bitcoin mining output despite challenging conditions

Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) mined 2,156 bitcoin or bitcoin equivalent (BTC) during the 2022 financial year, a 5% increase compared to 2021, per the London-listed company’s Friday earnings call. Mining operations generated £47.4mln (US$58.6mln) in revenue, a decrease of 36% from 2021 due to the bitcoin bear market, an increase in global hashrate and network difficulty level, and surging energy costs.