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 revenue was $2.49 million compared to $3.46 million during the previous month.
  • Argo sold its Helios facility to Galaxy Digital for $65 million as it looked to avoid plunging into bankruptcy.

Argo Blockchain, a pioneer bitcoin miner Which faced a dire 2022 run and came close to bankruptcy, announced that it only mined 147 BTC in December.

The publicly traded company’s total bitcoin mined for the month was less than 198 BTC — roughly 28% less than its mining output in November.

Mining revenue came in at $2.49 million (£2.07 million), down from $3.46 million (£2.94 million) in the previous month. The firm’s mining margin in December 2022 was 48%, compared to 29% in November.

As of December 31, the miner held 141 bitcoins.

Argo CEO on low mining results

As detailed in the miner’s operational update published On January 11, the decline in mining revenue (a decrease in coins minted) was primarily the result of reduced mining operations following a winter storm that hit the United States in December.

Argo, like many other Texas bitcoin miners, contributed to the stability of the Texas power grid by cutting power usage during the storm.

,While our mining results for December were lower than anticipated, the primary driver was the winter storm that prompted us to reduce operations at Helios. We made this decision not only to reduce the use of electricity on the grid, but also to prioritize the needs of the local community and the safety of our Helios employees. Argo CEO Peter Wall said in a statement.

Notably, Argo sold its Helios facility to Galaxy Digital for $65 million and also agreed to a $35 million loan to strengthen its balance sheet. But despite lower BTC mining in December and the sale of the Helios facility, Argo’s total hash rate remains around 2.5 exahash per second (EH/s).

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