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's January production marks a 14% increase from December 2022's 147 BTC. Company currently holds 115 BTC or BTC equivalents.
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Updated: Feb. 8, 2023 at 10:34 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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.”
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Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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Argo Blockchain
Argo Blockchain is a cryptocurrency miner that uses renewable sources of power to support the growth and development of blockchain technologies.
