In July, Argo Blockchain, a company specializing in blockchain technology with a focus on large-scale cryptocurrency mining, released its latest Bitcoin mining update. The update highlighted that the company successfully mined 44 BTC or BTC equivalents equating to 1.5 BTC per day, resulting in a total mining revenue of $2.9 million for June 2024. At the time of the update, the price of BTC was at $53,919.46, reflecting a 6.02% decrease within a day. The market cap and 24-hour volume were reported at $1,064,167,093,103 and $50,663,565,234, respectively. Argo Blockchain's press release provided comprehensive details regarding its mining activities and asset holdings.

With mining margins around 30%, Argo currently holds over 11 BTC by the end of June 2024, similar to its BTC holdings in May. A comparison between the mining reports for May and June 2024 revealed no significant improvements in mining revenue or margin. In May, the company mined 45 BTC or BTC equivalents, generating $2.9 million in revenue, figures that remained static in June. The revenue decrease of approximately 56% compared to the April report indicated a significant decline in performance, which was attributed to the Bitcoin halving event that occurred on April 20, 2024. This event occurs every four years and reduces the block reward by 50%.

As of June 2024, Argo Blockchain's BTC holdings stand at around 11 BTC, while competitors like Metaplanet and MicroStrategy possess larger quantities of BTC. Metaplanet, a publicly traded company in Japan, recently acquired 20.20 BTC valued at 200 million Yen, increasing its total BTC holdings to 141 BTC, positioning it as one of Japan's major BTC holders. In comparison, MicroStrategy, renowned for its business intelligence and cloud-based services, holds a substantial 226,331 BTC as of June 24, 2024.

In summary, Argo Blockchain's June update reflected a consistent mining performance with 44 BTC mined, resulting in $2.9 million in revenue, yet showing no notable progress from the previous month. The company's BTC reserves remained at 11 BTC amidst a general market downturn, including a 6.02% decline in Bitcoin's value. Metaplanet and MicroStrategy showcased stronger positions with their sizable BTC holdings following recent acquisitions.