8th Feb 2023 11:32
(Alliance News) - Argo Blockchain PLC on Wednesday said its monthly Bitcoin mining and associated revenue was up, while it refuted all allegations made against it in a class action lawsuit filed in New York.
The London-based cryptocurrency miner said it mined 168 Bitcoin or Bitcoin equivalents, together known as BTC, in January, up 14% from 147 BTC mined in December 2022.
It said this was primarily due to fewer curtailment hours in January compared to December, when a severe winter storm impacted much of the United States. This was partially offset by higher network difficulty, which was 3% higher on average in January than December.
Mining revenue was USD3.4 million in January, up 36% from USD2.5 million in December, based on daily foreign exchange rates and cryptocurrency prices during January.
As of January 31, Argo Blockchain held 115 BTC.
Argo Blockchain on Wednesday noted a class action lawsuit filed against it in the eastern district of New York on January 26, Murphy vs Argo Blockchain PLC et al.
It refutes all the allegations made and believes the class action lawsuit is "without merit".
"Argo will vigorously defend itself against the action," it added, engaging McDermott, Will and Emery LLP as its defence counsel.
Also on Wednesday, Argo Blockchain said it continues to work closely with Galaxy Digital Holdings Ltd as they take over operations at Helios. Late last month, Argo Blockchain agreed to sell its Helios facility in Dickens County, Texas to Galaxy Digital for USD65 million.
Argo Blockchain shares fell 3.9% to 18.50 pence each on Wednesday morning in London.
By Greg Rosenvinge, Alliance News reporter
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