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Monday, January 30, 2023
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    HomeBitcoinArgo's mining revenue fell nearly 28% in December 2022

    Argo’s mining revenue fell nearly 28% in December 2022

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    • Argo Blockchain mined 147 bitcoins in December 2022, down from 198 in November.
    • Mining income was $2.49 million, in comparison with $3.46 million throughout the earlier month.
    • Argo offered its Helios facility to Galaxy Digital for $65 million because it seemed to keep away from nose-diving out of business.

    Argo Blockchain, a number one Bitcoin miner that endured a horrible run in 2022 and got here near chapter, has introduced it mined 147 BTC solely in December.

    The publicly-traded firm’s complete mined bitcoins for the month have been decrease than the 198 BTC mined in November — almost 28% decrease than its mining output in November.

    Mining income got here in at $2.49 million (£2.07 million), down from $3.46 million (£2.94 million) within the earlier month.  The agency’s mining margin in December 2022 was 48%, in comparison with 29% in November.

    As of 31 December, the miner held 141 bitcoins.

    Argo CEO on lowered mining outcomes

    In line with particulars supplied within the miner’s operational replace published on 11 January, the decline in mining income (decreased mined cash) was primarily a results of the lowered mining operations following the winter storm that hit america in December.

    Argo, like many different Texas Bitcoin miners, contributed to the soundness of Texas’ energy grid by chopping energy utilization throughout the storm.

    Whereas our mining outcomes for December have been decrease than anticipated, the first driver was the winter storm which led us to curtail operations at Helios. We made this resolution with the intention to not solely scale back energy utilization on the grid, but in addition to prioritise the wants of the area people and security of our Helios workers, Argo CEO Peter Wall stated in a press release.

    Notably, Argo offered its Helios facility for $65 million to Galaxy Digital and likewise agreed a $35 million mortgage because it sought to agency its steadiness sheet. However regardless of mining fewer BTC in December, and the sale of the Helios facility, Argo’s complete hashrate stays round 2.5 exahashes per second (EH/s).



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