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• Argo Blockchain mined 147 bitcoins in December 2022, down from 198 in November.
• Mining revenue was $2.49 million, in comparison with $3.46 million through the earlier month.
• Argo bought its Helios facility to Galaxy Digital for $65 million because it regarded to keep away from nose-diving out of business.

Argo Blockchain, a number one Bitcoin miner that endured a horrible run in 2022 and got here near chapter, has introduced it mined 147 BTC solely in December.

The publicly-traded firm’s whole mined bitcoins for the month had been decrease than the 198 BTC mined in November — nearly 28% decrease than its mining output in November.

Mining revenue got here in at $2.49 million (£2.07 million), down from $3.46 million (£2.94 million) in the earlier month.  The agency’s mining margin in December 2022 was 48%, in comparison with 29% in November.

As of 31 December, the miner held 141 bitcoins.

Argo CEO on decreased mining outcomes

According to particulars supplied in the miner’s operational replace published on 11 January, the decline in mining revenue (decreased mined cash) was primarily a results of the decreased mining operations following the winter storm that hit the United States in December.

Argo, like many different Texas Bitcoin miners, contributed to the steadiness of Texas’ energy grid by chopping energy utilization through the storm.

“While our mining outcomes for December had been decrease than anticipated, the first driver was the winter storm which led us to curtail operations at Helios. We made this choice in order to not solely scale back energy utilization on the grid, but additionally to prioritise the wants of the area people and security of our Helios workers, Argo CEO Peter Wall stated in a press release.

Notably, Argo bought its Helios facility for $65 million to Galaxy Digital and in addition agreed a $35 million mortgage because it sought to agency its steadiness sheet. But regardless of mining fewer BTC in December, and the sale of the Helios facility, Argo’s whole hashrate stays round 2.5 exahashes per second (EH/s).