Argo’s mining revenue dipped 28% in December due to winter storm

Debt-ridden Bitcoin (BTC) miner Argo Blockchain mined 147 BTC in December — 25.75% less than the 198 BTC it mined in November.

Argo said that the fall in mined BTC was primarily due to the curtailment of operations in the Texas facility during the arctic blast.

Argo’s CEO Peter Wall said:

“While our mining results for December were lower than anticipated, the primary driver was the winter storm which led us to curtail operations at Helios.”

The curtailment also reduced Argo’s mining revenue by nearly a million U.S. dollars or 28% from $3.46 million in November to $2.49 million last month. However, its Bitcoin and Bitcoin Equivalent Mining Margin improved to 48% in December compared to 29% in November.

Argo said that the miner’s total hash rate capacity remains at 2.5 EH/s.

As of Dec. 31, the miner held 141 BTC worth approximately $2.4 million at current prices. The firm also had $20 million in cash and its total debts amounted to $79 million at the end of 2022.

In December, Argo reached an agreement with Galaxy Digital to sell its Helios facility in Texas for $65 million. It also received a $35 million loan from Galaxy Digital, which it used to reduce its debt burden.

Wall said:

“This deal [with Galaxy Digital] also allows Argo to continue our mining operations, both at Helios as a hosted customer, as well as at our owned-and-operated facilities in Quebec.”

Journalist at CryptoSlate

Monika first started reading about crypto in 2020 and kept going deeper and deeper down the rabbit hole. While she is always skeptical of new projects, she earnestly believes blockchain and the crypto industry can bring relief to some of the most pressing problems of our time, including financial inequality and transparency. She is a voracious reader, and her fondness for food only rivals her love for books. Monika was previously a reporter at Jumpstart Media and Forkast News.