Argo Blockchain Reports Increase Of 14% BTC Mining In January Compared To December

Key Points:

• During the month of January, Argo mined 168 Bitcoin or Bitcoin Equivalents (together, Bitcoin), which is an increase of 14% compared to 147 BTC mined in December 2022.
• Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in January amounted to $3.42 million [£2.80 million*] (December 2022 $2.49 million [£2.07 million*].

The amount of bitcoin mined by Argo Blockchain in January grew by 14% to 168 BTC from 147 BTC in December 2022, according to a filing to the London Stock Exchange.

As of January 31st, the company owned 115 Bitcoin in total. Its entire computational power, or hashrate capacity, remains at 2.5 exa hashes per second (EH/s).

During the month of January, Argo mined 168 Bitcoin or Bitcoin Equivalents (together, BTC), which is an increase of 14% compared to 147 BTC mined in December 2022. The increase in BTC mined was primarily due to fewer curtailment hours in January compared to December, when a severe winter storm impacted much of the United States. This was partially offset by higher network difficulty, which on average, was 3% higher in January than in the prior month.

Argo Blockchain said

Argo’s mining revenue climbed to $3.42 million in January from $2.49 million in December 2022 in terms of USD.

Because the ownership of Argo’s Helios facility has changed, the company will no longer publish monthly mining updates. Helios was sold by Argo to Galaxy Digital last month for $65 million. However, Argo stated that it would keep giving mining updates in its financial statements and on a quarterly basis.

In its January report, Argo also addressed the current class action case it was involved in, Murphy v. Argo Blockchain. Argo is accused of making false representations during its first public offering, according to the lawsuit, which was filed last month. The business announced that McDermott, Will, and Emery, LLP has been retained as its defense attorney.

The Company refutes all of the allegations and believes that this class action lawsuit is without merit. Argo will vigorously defend itself against the action.

The firm added

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