Argo Blockchain Reports 14% Increase in Bitcoin Mining In January, Compared to December
Key Points: Argo mined 168 Bitcoins or Bitcoin Equivalents in January. This is an increase of 14% over the December 2022 mining of 147 BTC.
Based on daily foreign currency rates and cryptocurrency prices, January’s mining revenue was $3.42 Million [PS2.80million*] (December 2022 $2.49million [PS2.07million*).
According to Argo Blockchain filings to the London Stock Exchange, January’s bitcoin mining volume grew 14% to 168 BTC, up from 147 BTC December 2022. Its total computational power or hashrate capability remains at 2.5 exahashes per second (EH/s).
Argo mined 168 Bitcoins or Bitcoin Equivalents in January. This is a 14% increase over the December 2022 mined of 147 BTC. The January curtailment hours were shorter than December’s, which was when severe winter storms ravaged large parts of the United States. This led to an increase in BTC mined. This was partially offset in part by the higher network difficulty in January, which was on average 3% higher than in December.
Argo Blockchain reported that Argo’s mining revenue rose to $3.42million in January, compared to $2.49million in December 2022 in USD terms. The company will no longer publish monthly updates on mining activities. Argo sold Helios to Galaxy Digital last month, for $65 million. Argo said that it would continue to provide mining updates in its financial statements, and on a quarterly basis, but it also addressed the current class-action case, Murphy v. Argo Blockchain. According to the lawsuit filed last month, Argo is accused in making false representations during its initial public offering. McDermott, Will and Emery, LLP were retained by the business as its defense attorney.
The Company refutes all allegations and believes that the class action lawsuit is unfounded. Argo will vigorously defend the action.
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