Argo Blockchain plc (NASDAQ: ARBK) has shared an operational update for April 2022. Argo has confirmed that it has mined 166 Bitcoin or Bitcoin Equivalent (collectively, BTC) in April 2022, compared to 163 BTC in March 2022. Mining revenue in April was £5.52 million, based on daily foreign exchange rates and cryptocurrency prices during the month.
The company stated that Bitcoin and Bitcoin Equivalent Mining Margin is a non-IFRS financial metric. As an analytical tool, the company feels Bitcoin and Bitcoin Equivalent Mining Margin have limits. Bitcoin and Bitcoin Equivalent Mining Margin, in specific, do not represent the overall cost of its mining operations because it excludes depreciation of mining equipment, as well as the effects of changes in the value of digital currencies and realized damages on the sale of digital assets, which impact our IFRS gross profit.
For the month of April, Argo earned money at a Bitcoin and Bitcoin Equivalent Mining Margin of roughly 75%. (March 2022: 74 percent). The Company has 2,682 Bitcoin at the end of April, with 235 BTC equivalents. Furthermore, the gross margin of the company for the month of April completed 30 April 2022 remained at 253%.
Additionally, the company confirmed that Justin Nolan has been promoted to Chief Growth Officer. Justin Nolan was formerly the co-founder and CEO of DPN LLC, which was bought by the Company in March 2021 after developing the Helios project. Mr. Nolan entered Argo as Vice President of Business Development after the purchase, where he has worked on the Helios buildout and spearheading the Company's debt financing activities. He will remain focused on Argo's long-term growth possibilities as Chief Growth Officer.