Argo Blockchain Increased Bitcoin Mining by 14% in January
In January, the British mining company Argo Blockchain mined 168 BTC. This is a 14% increase over the previous month’s figure of 147 BTC.
“The increase in bitcoin production is mainly due to fewer hours of equipment outages in January compared to December, when a severe winter storm affected much of the United States,” the statement said.
The firm noted that this advantage was partially offset by an increase in the difficulty of mining the first cryptocurrency. During the reporting month, the indicator twice updated the historical maximum.
Based on daily bitcoin quotes, Argo’s mining revenue was $3.42 million (£2.80 million) in January compared to $2.49 million (£2.07 million) in December.
The company had cryptocurrency reserves of 115 BTC as of January 31. The total hash rate was 2.5 EH/s.
In late December, Argo entered into an agreement with Mike Novogratz’s Galaxy Digital Holdings to sell its flagship Helios data center in Texas for $65 million. The deal is in the process of closing. Due to the change in ownership of the facility, the company will stop publishing monthly data on income from mining.
In January, a class action lawsuit was filed against Argo. The investor accused the firm of withholding key information during the ICO and making false statements.
The British company hired the international law firm McDermott Will & Emery to represent it in the case.
