The Argo Blockchain (LSE: ARB) share price has crumbled by more than 50% from its all-time high of 284p, printed in the middle of February. However, despite this performance, the stock is still up more than 3,000% over the past 12 months.
Shares in the cryptocurrency miner have been falling even though its underlying fundamental performance has improved. Mining output has increased steadily over the past six months.
In its latest trading update, Argo said it mined 166 Bitcoin or Bitcoin equivalent (BTC) in May, compared to 163 in April. This brought the total amount of BTC mined year-to-date to 716 BTC and the total BTC it holds to 1,108.
Unfortunately, the company has been hurt by the falling Bitcoin price. As a result, despite the increase in mining output for May, revenue was just £5.5m, down from £6.7m in April.
Cryptocurrency prices have been under pressure over the past few weeks following crackdowns in countries like China. In addition, concern about the environmental impacts of mining assets like Bitcoin has also hurt sentiment. And, as the price of…