Argo mined 168 BTC in January, accrued roughly $3.42M in revenue

Argo Blockchain mined 168 Bitcoin (BTC) throughout January — accumulating roughly $3.42 million in mining income, in line with the corporate’s January Operational Replace.

Argo’s efficiency in January displays a 14% enhance from 147 BTC mined in December 2022, in line with the update.

Argo was amongst the mining corporations that have been closely affected by the winter situations. The corporate began 2022 with 2,748 BTC and ended it with solely 141 BTC — marking a 94.8% lower in its reserves, according to a CryptoSlate annual overview.

As of Dec. 31, 2022, the corporate’s whole debts amounted to $79 million, whereas it held $20 million in money. As of Jan. 31, Argo had 115 BTC and BTC equivalents, in line with the replace’s assertion.

On Jan. 31, BTC was being traded for round $23,000. This means Argo ended January with roughly $2.64 million value in BTC.

Quarterly replace

On the finish of Dec. 28, 2022, Argo sold its Helios mining facility positioned in Texas to Galaxy Digital. Because of this change, Argo earned $65 million along with the $35 million it obtained as a mortgage from Galaxy Digital.

Referring to the sale, the corporate replace said:

“Because of the change in possession of Helios, Argo will now not disclose mining revenue on a month-to-month foundation; it’s going to now not embrace the non-IFRS reconciliation desk in its month-to-month operational updates.”

As a substitute, the corporate mentioned it could present updates on a quarterly foundation.

The replace additionally talked about the category motion lawsuit Argo traders filed towards the corporate for allegedly concealing vital data throughout its IPO submitting — filed Jan. 26. The month-to-month replace states that Argo refuses allegations and believes the lawsuit is “with out advantage.”

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