Argo Blockchain plc (ARBK) has released its operational update for June 2023, reporting that the company mined 139 Bitcoin or Bitcoin equivalents (BTC) during the month. This equates to an average daily mining rate of 4.6 BTC, down 17% from the 5.6 BTC per day mined in the previous month.

The decrease in mining activity was attributed to a higher average network difficulty in June compared to the prior month, as well as increased curtailment of mining operations at the Helios facility in Texas. Despite the reduction in mining activity, the company expects to receive additional cash proceeds from certain power trading activities undertaken by the operator of Helios.

Mining revenue in June amounted to $3.84 million, a decrease of 19% compared to the previous month.

Although the company's total hashrate capacity remains at 2.5 EH/s, Argo has begun receiving and installing new BlockMiner machines at its Quebec facilities. Once fully deployed, these new machines are expected to increase the company's total hashrate capacity by 12% to approximately 2.8 EH/s.