Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) mined 168 Bitcoin or Bitcoin Equivalents (together, BTC) in January, a month-on-month increase of 14%, according to the London-listed cryptocurrency mining company’s latest update.
The increase in BTC mined was primarily due to fewer curtailment hours in January compared to December, when a severe winter storm impacted much of the United States, though this was partially offset by a 3% higher network difficulty compared to December 2022.
As of January 31, 2023, Argo Blockchain held 115 Bitcoin or Bitcoin Equivalents. The company's total hashrate capacity was maintained at 2.5 EH/s.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in January amounted to US$3.42mln (£2.8mln).
The company continues to work closely with Galaxy Digital Holdings as the Canada-listed firm takes over operations at the Helios facility in Texas.
Argo said that “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”, though the company will continue to provide these figures on a quarterly basis and in its financial statements.
Class-action lawsuit
Argo also addressed the class-action lawsuit filed against the company.
The case, Murphy vs Argo Blockchain plc et al, was filed in the Eastern District of New York on 26 January 2023.
“The company refutes all of the allegations and believes that this class action lawsuit is without merit. Argo will vigorously defend itself against the action,” the company stated.
Argo has engaged McDermott, Will, and Emery as its defence counsel.