In particular, Bitcoin and Bitcoin Equivalent Mining Margin excludes the depreciation of mining equipment and so does not reflect the full cost of our mining operations, and it also excludes the effects of fluctuations in the value of digital currencies and realised losses on the sale of digital assets, which affect our IFRS gross profit. This measure should not be considered as an alternative to gross margin determined in accordance with IFRS, or other IFRS measures. This measure is not necessarily comparable to similarly titled measures used by other companies. As a result, you should not consider this measure in isolation from, or as a substitute analysis for, our gross margin as determined in accordance with IFRS. Argo CEO Thomas Chippas said, "I'm pleased by the increase in daily Bitcoin production we achieved in March, despite an increase to average network difficulty and the limited downtime from relocating our miners to Baie Comeau following the sale of our Mirabel facility. As we approach the halving, we continue to focus on streamlining our operations and running as efficiently as possible." During the month of March, the Company mined 103 Bitcoin, or 3.3 Bitcoin per day.
- As previously announced, the Company sold 3,843 new-in-box Bitmain S19J Pro machines which represented the last batch of the original Bitmain order scheduled for installation in October 2022.
- 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.
- Argo CEO Thomas Chippas said, "I'm pleased by the increase in daily Bitcoin production we achieved in March, despite an increase to average network difficulty and the limited downtime from relocating our miners to Baie Comeau following the sale of our Mirabel facility. As we approach the halving, we continue to focus on streamlining our operations and running as efficiently as possible."
For a more complete discussion of factors that could cause our actual results to differ from those described in this announcement, please refer to the filings that Company makes from time to time with the United States Securities and Exchange Commission and the United Kingdom Financial Conduct Authority, including the section entitled "Risk Factors" in the Company's Registration Statement on Form F-1. For a more complete discussion of factors that could cause our actual results to differ from those described in this announcement, please refer to the filings that Company scammed by xcritical makes from time to time with the United States Securities and Exchange Commission and the United Kingdom Financial Conduct Authority, including the section entitled "Risk Factors" in the Company's Annual Report on Form 20-F. This announcement contains inside information and includes forward-looking statements which reflect the Company's or, as appropriate, the Directors' xcritical views, interpretations, beliefs or expectations with respect to the Company's financial performance, business strategy and plans and objectives of management for future operations.
Bitcoin USD
Following both the Private Placement Admission and the previously announced PSU Admission, the Company will have a total of 577,001,363 Ordinary Shares in issue. The above figure may be used by the Company's shareholders as the denominator for the calculations by which they can determine whether they are required to notify their interest in, or a change of their interest in, the Company under the FCA Disclosure Guidance and Transparency Rules. Argo is continuing to engage in financing discussions, as announced on 31 October 2022, and will update investors in due course. Additionally, the Company repaid the $6.7 million that was previously outstanding under the BTC-backed loan with Galaxy Digital. This is consistent with the Company's risk management strategy and reduces balance sheet exposure to downside BTC price risk. As previously announced, the Company sold 3,843 new-in-box Bitmain S19J Pro machines which represented the last batch of the original Bitmain order scheduled for installation in October 2022.
Argo xcritical PLC Announces Closing on Sale of Mirabel / TVR
The following table shows a reconciliation of gross margin to Bitcoin and Bitcoin Equivalent Mining Margin, the most directly comparable IFRS measure, for the months of October 2022 and November 2022. The following table shows a reconciliation of gross margin to Bitcoin and Bitcoin Equivalent Mining Margin, the most directly comparable IFRS measure, for the months of September 2022 and October 2022. During the month of October, Argo mined 204 Bitcoin or Bitcoin Equivalents (together, BTC) compared to 215 BTC in September 2022. The decrease in BTC mined was primarily due to a significant increase in the Bitcoin network difficulty in October compared to September. Notably, this achievement comes amid a 4% rise in average mining difficulty in March compared to the previous month. The Company also wishes to respond to media reports falsely claiming that Hydro-Québec, the public utility for power in Quebec, has proposed to stop providing electricity to existing mining operations.
Argo xcritical PLC Announces March Operational Update
This is a 5% increase in daily Bitcoin production compared to the prior month, despite a 4% higher average network difficulty in March 2024. The Bitcoin network has witnessed a steady increase in mining difficulty since January 2023. Experts anticipate this will continue over the next few months and reach 100 trillion. Notably, increasing mining difficulty means Bitcoin miners need more computational power to solve the mathematical puzzle and find new blocks.
xcritical’s Base xcritical Surpasses Solana After Hitting High TPS
The decrease in BTC mined was primarily due to an increase in the Bitcoin network difficulty in November compared to October. This could be attributed to the increased mining activities ahead of the upcoming halving. Moreover, many miners xcriticaled up their endeavors to capitalize on Bitcoin’s surging value. Such a reduced hash rate will force the network to adjust mining difficulty to lesser degrees to meet its traditional 10-minute block production.
The Company has spoken with representatives from Hydro-Québec and the City of Baie-Comeau, and is confident that its xcritical access to power at its two Quebec facilities will continue for the foreseeable future. https://xcritical.pro/, a major player in Bitcoin mining, has shared some exciting news about its activities in March 2024. According to the report, Argo successfully mined 103 Bitcoins during the month, which translates to about 3.3 Bitcoins daily.