Cryptocurrency mining company Argo Blockchain (OTCMKTS: ARBKF) has offered an operation update for May, during which the company mined 166 BTC or BTC equivalent relative to 163 BTC in April.
Argo reported mining revenue of 7.8 million
Mining revenue in May was $7.8 million compared to $9.3 million in April 2021based on daily foreign exchange rates and crypto prices over the month. Argo generated this revenue with an average monthly mining margin of around 82% in May despite swings in mining complexity.
The company has announced the signing of a Grid Interconnection Agreement for 200 MW s with the Wind Energy Transmission of Texas (WETT) at the Helios site in the Panhandle of Texas and American Electric Power (AEP) for its Texas mining plant. In Q1 2022, the facility will be connected to the Electric Reliability Council of Texas grid. In addition, Argo has also acquired two 90 MVA 345kV transformers which are vital to its Texas development’s electrical infrastructure, from Pennsylvania Transformer Technology. Production of the transformers will be in the US and will be delivered to the construction site in February next year.
Argo invests in WonderFi Technologies
Argo has also announced a $208,000 investment in WonderFi Technologies Inc. as part of a bigger fundraising round by WonderFi. This is part of Argo’s continuous plan to develop physical and digital crypto infrastructure. WonderFi is a tech startup to makes decentralized finance (Defi) accessible to the general public through various products and solutions based on the fundamental values of convenience and education. Peter Wall has been appointed as an unpaid consultant to WonderFi as part of the investment.
CEO Paul Wall said, “We are also pleased to announce Argo’s strategic investment into WonderFi. Access to this emerging sector needs to be democratised and we believe WonderFi is in an excellent position to achieve this.”