Argo Blockchain mined 14% more bitcoin in January than December

Quick Take

  • Argo Blockchain produced 168 BTC in January and made $3.42 million.
  • That’s 14% more bitcoin than it mined in December. 

Argo Blockchain's bitcoin mining production increased 14% in January, producing 168 BTC, compared to 147 BTC 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," Argo Blockchain said Wednesday in a filing to the London Stock Exchange.

In terms of dollars, Argo's mining revenue increased to $3.42 million in January compared to $2.49 million in December 2022.

The company's total bitcoin holdings stood at 115 BTC as of Jan. 31. Its total hashrate capacity, or computational power, continues to be 2.5 exa hashes per second (EH/s).

Argo will stop publishing monthly mining updates due to change in ownership of its Helios facility. Last month, Argo sold Helios to Galaxy Digital for $65 million. Argo said it will, however, continue to provide mining updates on a quarterly basis and in its financial statements.

In its January update, Argo also addressed the class action lawsuit — Murphy vs Argo Blockchain — it faced recently. The case, filed last month, alleges that Argo published inaccurate statements during its initial public offering. The company said it has hired McDermott, Will, and Emery, LLP as its defense counsel. Argo added that it "refutes all of the allegations and believes that this class action lawsuit is without merit."

"Argo will vigorously defend itself against the action," it added.

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