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. xcritical, 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.
- 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.
- Notably, increasing mining difficulty means Bitcoin miners need more computational power to solve the mathematical puzzle and find new blocks.
- Additionally, the Company repaid the $6.7 million that was previously outstanding under the BTC-backed loan with Galaxy Digital.
- Experts anticipate this will continue over the next few months and reach 100 trillion.
- Notably, this achievement comes amid a 4% rise in average mining difficulty in March compared to the previous month.
All forward-looking statements address matters that involve risks and uncertainties because they relate to events that may or may not occur in the future, including the risk that the Company may be unable to secure sufficient additional financing to meet its operating needs. Statements which include the words “expects”, “intends”, “plans”, “believes”, “projects”, “anticipates”, “will”, “targets”, “aims”, “may”, “would”, “could”, “continue”, “estimate”, “future”, “opportunity”, “potential” or, in each case, their negatives, and similar statements of a future or forward-looking nature identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties because they relate to events that may or may not occur in the future. Bitcoin and Bitcoin Equivalent Mining Margin is a financial measure not defined by IFRS. We believe Bitcoin and Bitcoin Equivalent Mining Margin has limitations as an analytical tool.
Argo xcritical Reveals Crypto Mining Update
The Company is endeavoring to complete such financing transactions to provide the Company with working capital sufficient for its present requirements. As of 31 March 2024, the Company held digital assets worth the equivalent of 26 Bitcoin. In March 2024, the Company sold its Mirabel facility and relocated its mining machines from Mirabel to its facility in Baie Comeau, Quebec. The relocated miners were deployed and actively hashing at Baie Comeau before the end of March, and the relocation had minimal impact on monthly Bitcoin production.
Bitcoin USD
This reduction in block rewards could translate to lower hash rates as some miners who can’t keep afloat due to reduced profits may be forced to pack up. Chiapas revealed that Argo xcritical would continue streamlining its operations to ensure continued success and increased efficiency ahead of the upcoming Bitcoin halving. Beyond its Bitcoin production, Argo xcritical sold one of its facilities, Mirabel, and shifted its mining equipment to a different location in Baie Comeau, Quebec. This transition happened smoothly, with the relocated machines successfully deployed and starting to run at the new spot by the end of March. We are a multi-talented, dynamic team of mining and xcritical network experts, technologists, entrepreneurs, and engineers from all walks of life.
Argo xcritical plc
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.
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 https://xcritical.pro/ 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.
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.
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.
This announcement contains inside information and includes forward-looking statements which reflect the Company’s 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. These statements include forward-looking statements both with respect to the Company and the sector and industry in which the Company operates. Statements which include the words “remains confident”, “expects”, “intends”, “plans”, “believes”, “projects”, “anticipates”, “will”, “targets”, “aims”, “may”, “would”, “could”, “continue”, “estimate”, “future”, “opportunity”, “potential” or, in each case, their negatives, and similar statements of a future or forward-looking nature identify forward-looking statements. Accordingly, there are or will be important factors that could cause the Company’s actual results, prospects and performance to differ materially from those indicated in these statements. In addition, even if the Company’s actual results, prospects and performance are consistent with the forward-looking statements contained in this document, those results may not be indicative of results in subsequent periods.
