Argo Blockchain Boosts Bitcoin Mining Production By 14% In January

Zinger Key Points
  • Argo Blockchain's Bitcoin mining production rises 14% in January.
  • Winter storms impacted BTC mining in December 2022.

Argo Blockchain ARBK reported an 14% increase in its Bitcoin BTC/USD mining production for the month of January, producing 168 Bitcoin compared to 147 Bitcoin in December 2022.

The London Stock Exchange-listed company attributed the increase to fewer curtailment hours in January compared to December, which was affected by a severe winter storm in the United States.

In terms of revenue, Argo's mining revenue increased to $3.42 million in January, compared to $2.49 million in December 2022.

The company had 115 Bitcoin in total holdings as of Jan. 31, with a total hashrate capacity of 2.5 exa hashes per second.

Also Read: Bank Of England Proposes A 'Digital Pound' For Everyday Use

However, Argo announced it would discontinue its monthly mining updates following the sale of its Helios facility to Galaxy Digital for $65 million.

The company would continue to provide mining updates on a quarterly basis and in its financial statements.

In its January update, Argo also addressed the recent class action lawsuit against the company, Murphy vs. Argo Blockchain, which alleged the company published inaccurate statements during its initial public offering.

Argo hired McDermott, Will and Emery as its defense counsel and refuted all of the allegations.

Read Next: Dispute Over Sam Bankman-Fried's Bail Conditions Resolved Between Crypto Mogul And Prosecutors: Report

Photo: rafapress via Shutterstock

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