Argo Blockchain (NASDAQ:ARBK) mined 215 Bitcoin or Bitcoin Equivalent (together, BTC) in September 2022 compared to 235 BTC in August 2022, mainly due to a 12% increase in average network difficulty during September.Based on daily foreign exchange rates and crypto rates, mining revenue stood at £3.78M (or $4.27M) compared to £4.39M (or $5.23M in prior month).The company generated this income at a bitcoin and bitcoin equivalent mining margin of 25% compared to 20% in prior month.As of September end, Argo owned 512 Bitcoin, of which 167 were BTC Equivalents.The company expects to complete the installation of its Bitmain S19J Pro machines at Helios, having achieved a total hashrate capacity of 2.5 EH/s by the end of October.After accounting for the sale of 3,400 mining machines to a third party that was reported on 7 October 2022, the Company now expects to achieve a total hashrate capacity of 2.9 EH/s once the installation is complete.Effective October 15, Perry Hothi is stepping down from his role as Chief Technology Officer at Argo and will serve as a transitional advisor to the company. The technology function will be led by Jean Esquier, who currently serves as Vice President of Technology and Development.
