Argo Blockchain mined 168 bitcoins (BTC) in January and earned around $3.42 million in mining revenue, according to the company’s January operations update.
Argo’s performance in January reflects a 14% increase from 147 BTC mined in December 2022. update.
Argo is one of the mining companies that has been hit hard by winter weather. The company started his 2022 with his 2,748 BTC and finished with just 141 BTC. crypto slate Annual review.
As of December 31, 2022, the company had $79 million in total debt and had $20 million in cash. As of January 31st, Argo had 115 BTC and BTC equivalents, according to the update statement.
On January 31st, BTC was trading around $23,000. This indicates that Argo held about $2.64 million worth of his BTC in January.
Quarterly updates
At the end of December 28, 2022, Argo sold its Helios mining facility in Texas to Galaxy Digital. As a result of the exchange, Argo earned $65 million on top of his $35 million from Galaxy Digital.
Regarding the sale, a company update states:
“With the change in ownership of Helios, Argo will no longer disclose monthly mining profits. Non-IFRS reconciliations will no longer be included in monthly operational updates.”
Instead, the company said it would provide quarterly updates.
The latest information also mentions a class action lawsuit Argo investors have filed against the company, alleging it hid important information during its IPO filing. Filed January 26th.
