StockMarketWire.com - Cryptocurrency mining firm Argo Blockchain reported a rise in mining output, but revenue fell following fluctuations mining difficulty in May and a sharp selloff in bitcoin.

During the month of May, Argo mined 166 Bitcoin or Bitcoin Equivalent compared to 163 BTC in April, taking the total amount of BTC mined year-to-date to 716 BTC.

Mining revenue in May fell to £5.51 million from £6.70 million in April as monthly mining margin slipped to 82% from 85% following 'fluctuations in mining difficulty,' it added.

Argo also said it had executed a Grid interconnection agreement with the Wind Energy Transmission of Texas and American Electric Power for 200 megawatt at their Helios site in the Panhandle of Texas for its Texas mining facility.

The facility is expected to connect to the Electric Reliability Council of Texas grid in Q1 2022.

Argo also purchased two 90 MVA 345kV transformers from Pennsylvania Transformer Technology, a key part of the electrical infrastructure for the company's Texas development.

'The transformers will be manufactured in the United States and are scheduled to be delivered to the site in February 2022.

The company also invested £146,000 in WonderFi Technologies, as part of a larger CAD $16.4 million fundraising round by WonderFi.

WonderFi is a technology company with a mission to bring decentralised finance to the masses through a suite of products and tools which are built on the core principles of simplicity and education.


Story provided by StockMarketWire.com