Argo Blockchain mines 25% less Bitcoin due to winter storm at Helios

Publicly-listed Bitcoin (BTC) mining institution Argo Blockchain saw a important driblet successful mining enactment successful December owed to a wintertime tempest successful Texas.

On Jan. 11, Argo released its archetypal operational update since selling its flagship mining installation Helios to Mike Novogratz’s Galaxy Digital. The institution said it mined 147 Bitcoin oregon BTC equivalents successful December, compared to 198 BTC successful November 2022.

As of Dec. 31, Argo held 141 BTC, with its December mining gross amounting to $2.49 million, the steadfast said. Argo’s full indebtedness was astir $79 million, and its slope equilibrium was astir $20 million.

According to the announcement, the alteration successful the magnitude of mined BTC was chiefly owed to Argo curtailing mining operations astatine Helios successful effect to a large wintertime tempest successful Texas.

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In precocious December, the United States Energy Department declared a powerfulness exigency successful Texas, citing a shortage of energy owed to the interaction of terrible wintertime weather. Amid a monolithic somesthesia driblet accompanied by precocious winds, the request connected the Texas powerfulness grid reached an all-time wintertime highest successful excess of 74,000 megawatts (MW).

Argo CEO Peter Wall pointed retired that the company’s mining results were little than expected due to the fact that the steadfast had to trim powerfulness usage connected the grid owed to utmost upwind conditions.

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During the wintertime storm, Argo joined different Texas Bitcoin miners successful reducing powerfulness usage by an estimated 1,500 MW, Wall said, adding:

“After the wintertime tempest and associated freezing temperatures had subsided, we safely brought Helios backmost online and resumed operations.”

Wall mentioned that Argo yet decided to merchantability its Helios installation to Galaxy Digital, announcing the $65 cardinal deal connected Dec. 28. The transaction aimed to trim Argo’s full indebtedness by $41 cardinal and amended liquidity and operating structure.

Despite the sale, Argo volition inactive proceed mining astatine Galaxy-owned Helios facility. Argo’s full hashrate capableness continues to beryllium 2.5 exahashes per second, the announcement notes.