- Cryptocurrency mining company Argo reported monthly decline in production in April amid difficult mining conditions but said output had increased by 122% in the first four months of the year, compared with the previous four months.

The group mined 319.2 Bitcoin or Bitcoin equivalent during the month of April, compared with 333.8 Bitcoin equivalent in March. This took the total amount of BTC mined in the first four months of this year to 1,237 BTC, a record level for Argo and a 122% increase over the previous four months.

Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in April amounted to £1.8m, unchanged from March, generating at a mining margin of 39%, down from 42% in March.

'Mining conditions in April were slightly harder as algorithmic difficulty increased twice in the month,' the company said.

'The group confirms that 1,000 Bitmain Antminer S17+ machines, ordered and announced previously, have been installed and are in production this week. Their arrival brings total mining capacity to approximately 18,000 machines and 730 Petahash, a 244% increase in hashpower from the end of last year,' it added.

At 8:48am: [LON:ARGO] Argo Group Ltd share price was 0p at 18.5p

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