Argo Bitcoin Mining up 14% in January

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rgo Blockchain experienced a 14% growth in their bitcoin mining production from December to January, with an impressive 168 Bitcoin mined this month compared to the 147 mined last. 

On Wednesday, Argo Blockchain lodged a filing with the London Stock Exchange to announce their news. "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," 

In January, Argo experienced a significant increase in mining revenue compared to the previous month. Specifically, their earnings from $2.49 million in December 2022 up to $3.42 million.

As of January 31st, the company's total bitcoin holdings were 115 BTC. Additionally, its hashrate capacity- or computational power- was 2.5 exa hashes per second (EH/s).

After the sale of its Helios facility to Galaxy Digital for $65 million, Argo has decided stop monthly mining updates. Though they'll no longer offer regular insights into their operations on a frequent basis, however, Argo will still provide quarterly reports and continued information in their financial statements.

In its January update, Argo also addressed the class action lawsuit it faced recently — Murphy vs Argo Blockchain. The case, filed last month, alleges that Argo published inaccurate statements during its initial public offering. The company said it has hired McDermott, Will, and Emery as its defence counsel. Argo added that "refutes all of the allegations and believes that this class action lawsuit is without merit."

"Argo will vigorously defend itself against the action," it added.

Mike

An editor at Coincrop

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Mike is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely putting his latest car project back together.