Crypto rally buoys Argo Blockchain and Quantum Blockchain as BTC nears $42,000
Crypto miner () issued an operational update for November 2023. During the month, the company mined 145 Bitcoin or Bitcoin Equivalents (together BTC) averaging 4.8 BTC per day. Argo was able to increase its daily BTC production in November by 5% compared to the previous month, despite a 9% month-on-month increase in the monthly average network difficulty.
Argo's mining revenue in November 2023 amounted to US$5.30m, an increase of 25% compared to October's US$4.26m. The increase in revenue was driven primarily by the increase in the price of Bitcoin. As of November 30 2023, Argo's HODL remained at 21 BTC.
shares climbed 16.5% on the news on Monday, following the wider crypto rally that lifted Bitcoin to over US$40,000 over the weekend alongside crypto-related stocks such as .
Another crypto company lifted by the ongoing rally is () , up 12.3% as of time of writing. The company focuses on quantum computing, blockchain, cryptocurrencies and AI. has been in the news recently as it continues R&D efforts to improve the efficiency of bitcoin mining by exploiting predictive properties in the operation of bitcoin's SHA-256 cryptographic hash functions.
Quantum's machine learning teams claim to have developed two unique methods that could lead to significant performance improvements for existing BTC miners, implemented entirely in software. "Method B" was shown to increase the rate of successful Bitcoin mining by approx. 2.6x compared to standard BTC mining industry practices over the same period. Moreover, the algorithm reduced electricity consumption by 4.3%. If successfully deployed, this will be a major value inflection point for the company.
Crypto assets continue to rally on expectations that the Fed will cut interest rates in 2024 as well as speculation that a Bitcoin ETF may be approved in the US. BTC is poised to retest its April 2022 peak of $45,000 while ETH has again breached the $2,200 mark.
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