Thursday, 23 March 2023

Crypto Mining News

Argo mined 168 BTC in January, accrued roughly $3.42M in revenue

Argo mined 168 BTC in January, accrued roughly $3.42M in revenue

Argo Blockchain mined 168 Bitcoin (BTC) during January — collecting roughly $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 amongst the mining companies that were heavily affected by the winter conditions. The company started 2022 with 2,748 BTC and ended it with only 141 BTC — marking a 94.8% decrease in its reserves, according to a CryptoSlate annual review.

As of Dec. 31, 2022, the company’s total debts amounted to $79 million, while it held $20 million in 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 around $23,000. This indicates Argo ended January with roughly $2.64 million worth in BTC.

Quarterly update

At the end of Dec. 28, 2022, Argo sold its Helios mining facility located in Texas to Galaxy Digital. As a result of this exchange, Argo earned $65 million in addition to the $35 million it got as a loan from Galaxy Digital.

Referring to the sale, the company update stated:

“Due to the change in ownership of 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 said it would provide updates on a quarterly basis.

The update also mentioned the class action lawsuit Argo investors filed against the company for allegedly concealing important information during its IPO filing — filed Jan. 26. The monthly update states that Argo refuses allegations and believes the lawsuit is “without merit.”

Posted In: Bitcoin, Mining

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