There are very few feelings which rival your that of your own expectations being exceeded. Argo Blockchain definitely surpassed its own expectations judging by its Q2 report. According to the report, mining profits from bitcoin shot up 24% in the last month alone.
Mining profits were naturally bound to increase as bitcoin seemed to effortlessly clear goal after goal. After the Coinbase crash however, the correction saw the price take a sharp turn before quickly normalizing back to the current price of $11 278.
The mining operator expects to generate 161 BTC or a little over $1.7million with a rough price estimate of $10 650 for June. If the crypto summer heats up even more, July could potentially see much larger profits.
It’s absolutely insane to think that in the beginning of the year, crypto mining was not profitable at all. Argo blockchain’s mining profits have increased by 101% from May to the beginning of July alone. The company’s mining margin is estimated to be at 81%.
Mining profits are almost entirely made in China
When it comes to bitcoin mining however, China is the place to be. Regardless of the government’s hostile stand towards cryptocurrencies, China is still the bitcoin mining capital of the world. In the end of May, Chinese authorities began investigating the massive mining farms in the Sichuan province.
If the current bull run continues, China’s plans to entirely ban bitcoin mining might undergo a slight change. Most experts speculate that even if a nation-wide ban is implemented, the government will actually increase the amount of crypto mining operations on home soil.
Mike Edwards, the chairman of Argo mentioned that the rising prices are not the only reason for Argo’s mining profits:
“Our improved mining performance reflects not only the improving industry and market conditions, but our own business strategy. Our strategy allowed us to ramp up the operations in just the right time and take full advantage of the presented circumstances.”
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Categories:Crypto Mining News