1 year ago
Argo Blockchain mined 168 Bitcoin (BTC) during January — collecting astir $3.42 cardinal successful mining revenue, according to the company’s January Operational Update.
Argo’s show successful January reflects a 14% summation from 147 BTC mined successful December 2022, according to the update.
Argo was amongst the mining companies that were heavy affected by the wintertime conditions. The institution started 2022 with 2,748 BTC and ended it with lone 141 BTC — marking a 94.8% alteration successful its reserves, according to a CryptoSlate yearly review.
As of Dec. 31, 2022, the company’s full debts amounted to $79 million, portion it held $20 cardinal successful cash. As of Jan. 31, Argo had 115 BTC and BTC equivalents, according to the update’s statement.
On Jan. 31, BTC was being traded for astir $23,000. This indicates Argo ended January with astir $2.64 cardinal worthy successful BTC.
Quarterly update
At the extremity of Dec. 28, 2022, Argo sold its Helios mining installation located successful Texas to Galaxy Digital. As a effect of this exchange, Argo earned $65 cardinal successful summation to the $35 cardinal it got arsenic a indebtedness from Galaxy Digital.
Referring to the sale, the institution update stated:
“Due to the alteration successful ownership of Helios, Argo volition nary longer disclose mining nett connected a monthly basis; it volition nary longer see the non-IFRS reconciliation array successful its monthly operational updates.”
Instead, the institution said it would supply updates connected a quarterly basis.
The update besides mentioned the people enactment lawsuit Argo investors filed against the institution for allegedly concealing important accusation during its IPO filing — filed Jan. 26. The monthly update states that Argo refuses allegations and believes the suit is “without merit.”
The station Argo mined 168 BTC successful January, accrued astir $3.42M successful revenue appeared archetypal connected CryptoSlate.
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