Argo Blockchain mined 168 bitcoin (BTC) in January, generating about $3.42 million in mining revenue, according to the company’s January operational update.
Argo’s performance in January reflects a 14% increase from 147 BTC mined in December 2022, according to the update.
Argo was among the mining companies badly affected by the winter conditions. The company started 2022 with 2,748 BTC and ended it with just 141 BTC — marking a 94.8% drop in its reserves, according to an annual report by CryptoSlate.
As of December 31, 2022, the company’s total debt was $79 million while it held $20 million in cash. As of Jan. 31, Argo held 115 BTC and BTC equivalents, according to the update.
On Jan. 31, BTC was trading at around $23,000. This suggests that Argo ended January with about $2.64 million worth of BTC.
Quarterly update
At the end of December 28, 2022, Argo sold its Helios mining facility in Texas to Galaxy Digital. As a result of this exchange, Argo earned $65 million in addition to the $35 million it received in loan from Galaxy Digital.
Regarding the sale, the company update states:
“Due to the change of ownership at Helios, Argo will no longer disclose mining profit on a monthly basis; it will no longer include the non-IFRS reconciliation table in its monthly operational updates.”
Instead, the company announced that it would provide updates on a quarterly basis.
The update also mentioned the class-action lawsuit that Argo investors had filed against the company for allegedly concealing important information during its IPO filing — filed Jan. 26.
Posted in: Bitcoin, Mining
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