February 8, 2023 12:55 p.m. | 1 minute read
Argo Blockchain (NASDAQ:ARBK) reported a 14% increase in its Bitcoin (CRYPTO:BTC) mining production for the month of January, producing 168 Bitcoin compared to 147 Bitcoin in December 2022.
The London Stock Exchange-listed company attributed the increase to fewer hours cut in January compared to December, which was affected by a severe winter storm in the United States.
In terms of revenue, Argo’s mining revenue increased to $3.42 million in January from $2.49 million in December 2022.
The company held 115 Bitcoins in total as of January 31, with a total hashrate capacity of 2.5 exa hashes per second.
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However, Argo has announced that it will halt its monthly mining updates after selling its Helios installation to Galaxy Digital for $65 million.
The company would continue to provide mining updates on a quarterly basis and in its financial statements.
In its January update, Argo also addressed the company’s recent class action lawsuit, Murphy v Argo Blockchain, which alleged that the company issued inaccurate statements during its initial public offering.
Argo hired McDermott, Will, and Emery as defense attorneys and refuted all allegations.
Read more: Sam Bankman-Fried Bail Terms Dispute Resolved Between Crypto Mogul and Prosecutors: Report
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