12th Jan 2023 06:54
Argo Blockchain PLC - London-based cryptocurrency miner with operations in Texas and Quebec - Mines 147 bitcoin and bitcoin equivalents in December, down from 198 in November, as its Helios facility in Texas voluntarily reduces power consumption in response to a severe winter storm in the US. Mining revenue during the month is USD2.5 million, down from USD3.5 million in November, taking into account bitcoin price movements. Mining margin is 48%, up from 29% in November. As of the end of December, Argo Blockchain holds 25 bitcoin and 116 bitcoin equivalents.
Late last month, Argo Blockchain agreed to sell the facility in Dickens County, Texas to Galaxy Digital Holdings Ltd for USD65 million. Galaxy will continue to host Argo's mining machines at Helios. Following the deal, Argo's year-end debt stands at USD79 million and its bank balance at USD20 million.
Current stock price: 9.84 pence
12-month change: down 89%
By Tom Waite, Alliance News editor
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