Argo Boosts Bitcoin Mining Efficiency by 14% in January

Argo Blockchain, listed on various stock exchanges such as London Stock Exchange, OTCQX, NASDAQ and ETR, reported that it mined 168 Bitcoin or its equivalents in January, representing a 14% rise from the previous month. The information was shared in the latest update from the London-based cryptocurrency mining firm.

The rise in mined Bitcoin was mainly due to fewer reduced mining hours in January as compared to December when a winter storm hit a large part of the United States. However, this was partially balanced by a network difficulty that was 3% higher than December 2022.

Mining revenue in January

Argo Blockchain had 115 Bitcoin or Bitcoin-related assets as of January 31, 2023 and their total hashrate capacity remained at 2.5 EH/s. The company generated a mining revenue of $3.42 million in January, calculated using the daily exchange rates and cryptocurrency values during the month.

Collaboration with Galaxy Digital Holdings

Argo has stated that it will continue its collaboration with Galaxy Digital Holdings as the latter takes over the management of the Helios facility in Texas. Due to the transfer of ownership of the Helios facility, Argo will no longer publicly share its monthly mining profits or include a table that reconciles these profits with non-IFRS standards in its monthly operational reports. Instead, the company will still provide these figures on a quarterly basis and in its financial statements.

Argo has issued a statement regarding the class-action lawsuit, “Murphy vs Argo Blockchain plc et al,” that was filed on January 26, 2023 in the Eastern District of New York. The company denies all allegations made in the lawsuit and considers it to be baseless. Argo intends to defend itself against the lawsuit with determination, according to its statement.