Argo blockchain report: Bitcoin mining profits shot up 101% in June from May margins

A recent report released by Argo Blockchain, a UK-based Bitcoin mining company says mining rewards in June outperformed the firm’s expectations. In a previous report Argo had said that it expected Bitcoin mining profits to continue rising with recovery witnessed in Bitcoin prices.

The July 2 report states:

“The Company now expects to generate 161 BTC, or GBP1.38m of cryptoassets, in June based on a BTC price of $10,817.16 USD as of 30 June 2019.”

The report continues to explain:

“This is an increase of approximately 101% from the Company's May mining results and represents a mining margin of roughly 81%. The Company considers that this demonstrates that the Company is one of the most efficient miners in the market.”

“Mining yields from existing hardware in operation have improved in line with a strongly rising Bitcoin (BTC) price, which has increased by approximately 24% since the last operational update on 3 June 2019,”

While a comment from the CEO of Argo Blockchain states:

“As a result, we enter the third quarter with a strong momentum to deliver further growth and improving mining efficiency.”

Bitcoin dived below $10,000 in fresh declines in July. This comes after the losses on Thursday last week that saw Bitcoin drop from the new 2019 high around $13,800 to initial support at $10,300. A reversal has since occurred above $10,000, however, the market is still strongly bearish. It is essential that the bulls barricade $10,000 because another drop under this level could test $9,000 major support.