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Argo Blockchain Reports Drop in Bitcoin Production, Shares Decline 7.81%

05/02/2024 22:29

According to CryptoPotato, Argo Blockchain PLC, a London-based cryptocurrency miner, announced a decrease in Bitcoin production for January, resulting in a 7.81% decline in its shares. The company attributed the drop in mining output to a 20% decline in daily production compared to December, primarily driven by a 16% drop in Bitcoin-denominated hashprice. Argo Blockchain’s shares were down by 7.81% to 14.75 pence each in London on Monday, February 5. In a statement, the company revealed that it mined 124 Bitcoin in January, averaging 4.0 BTC per day. The reduction in daily production was mainly attributed to the decrease in Bitcoin-denominated hashprice, a metric influenced by lower transaction fees on the network and greater difficulty compared to December. Argo Blockchain cited weather-related challenges as a contributing factor to the decline in production. The company experienced curtailments at its facilities in Quebec, Canada, and its Helios facility in Texas. Winter weather conditions, particularly during Winter Storm Heather, led to elevated power prices across Texas, prompting the temporary suspension of operations at the Helios facility. Argo Blockchain reported mining revenue of $5.3 million in January, representing a 19% decrease compared to the previous month’s figure of $6.6 million. As of January 31, 2024, the company held digital assets equivalent to 18 Bitcoin. Argo Blockchain’s Chief Executive Officer, Thomas Chippas, commented on the challenges faced in January, stating, “Our Bitcoin production decreased in January as transaction fees retreated from the temporary spike we saw in December. We also experienced some instances of curtailment as a result of winter weather in Quebec and Texas, which is a great reminder of how Bitcoin mining contributes to grid stability during extreme weather events.”

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