{"id":72405,"date":"2023-01-11T18:11:01","date_gmt":"2023-01-11T16:11:01","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=72405"},"modified":"2025-09-08T14:57:13","modified_gmt":"2025-09-08T11:57:13","slug":"argo-blockchain-cuts-december-bitcoin-production-by-almost-26","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/argo-blockchain-cuts-december-bitcoin-production-by-almost-26\/","title":{"rendered":"Argo Blockchain cuts December Bitcoin production by almost 26%"},"content":{"rendered":"<p>In December, the UK-based mining company Argo Blockchain mined 147 BTC after 198 BTC in November. The production decline was 25.75%.<\/p>\n<figure class=\\\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\\\">\n<div class=\\\"wp-block-embed__wrapper\\\">\n<blockquote class=\\\"twitter-tweet\\\" data-width=\\\"500\\\" data-dnt=\\\"true\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">\ud835\uddd7\ud835\uddf2\ud835\uddf0 \ud835\udfee\ud835\udfec\ud835\udfee\ud835\udfee \ud835\udde2\ud835\uddfd\ud835\uddf2\ud835\uddff\ud835\uddee\ud835\ude01\ud835\uddf6\ud835\uddfc\ud835\uddfb\ud835\uddee\ud835\uddf9 \ud835\udde8\ud835\uddfd\ud835\uddf1\ud835\uddee\ud835\ude01\ud835\uddf2<br \/>\u00bb 147 <a href=\\\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\\\">#BTC<\/a> mined (winter storm led to curtailment at Helios)<br \/>\u00bb Mining rev was $2.5m at 48% margin<br \/>\u00bb At 12\/31, we held 141 <a href=\\\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\\\">#BTC<\/a> (116 BTC Equiv)<br \/>\u00bb $20m cash &#038; $79m debt at 12\/31<a href=\\\"https:\/\/t.co\/qBnt9Hfw7X\\\">https:\/\/t.co\/qBnt9Hfw7X<\/a><a href=\\\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Bitcoin<\/a> <a href=\\\"https:\/\/twitter.com\/hashtag\/ARB?src=hash&#038;ref_src=twsrc%5Etfw\\\">#ARB<\/a> <a href=\\\"https:\/\/twitter.com\/search?q=%24ARBK&#038;src=ctag&#038;ref_src=twsrc%5Etfw\\\">$ARBK<\/a><\/p>\n<p>\u2014 Argo (@ArgoBlockchain) <a href=\\\"https:\/\/twitter.com\/ArgoBlockchain\/status\/1613069372335198210?ref_src=twsrc%5Etfw\\\">January 11, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script>\n<\/div>\n<\/figure>\n<p>The company attributed the decline to adverse weather conditions in the United States. In the wake of the blizzard that hit several regions, many miners <a href=\"https:\/\/u1f987.com\/en\/news\/bad-weather-in-the-united-states-knocks-bitcoin-hashrate\">shut down equipment<\/a> to participate in grid balancing or for staff safety.<\/p>\n<p>As a result, the flagship Helios data centre reduced consumption by about 1,500 MWh in December.<\/p>\n<p>Mining revenue for the month was $2.49 million with a 48% margin. In November, the figures were $3.46 million and 29% respectively.<\/p>\n<p>At the end of December the company struck a deal with Galaxy Digital Holdings Mike Novogratz <a href=\"https:\/\/u1f987.com\/en\/news\/argo-blockchain-to-sell-galaxy-digital-texas-mining-centre-for-65-million\">on the sale of Helios for $65 million<\/a> and refinancing existing debt of $35 million. The deal will allow Argo to reduce its debt of $79 million by about $41 million.<\/p>\n<p>As of 31 December, the company had cash of about $20 million. Argo&#8217;s cryptocurrency reserves stood at 141 BTC.<\/p>\n<p>Under the agreement with Galaxy Digital, the mining company&#8217;s equipment fleet will continue to operate at Helios on hosting terms. Argo will maintain an aggregate hash rate of 2.5 EH\/s.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cWe have built a world-class mining operation, and I believe Galaxy has the necessary team and resources to continue building on the foundation Argo has created. The deal will allow us to continue mining cryptocurrencies both at Helios as a client and at our own data centres in Quebec,\u201d said Peter Wall, the company&#8217;s CEO.<\/p>\n<\/blockquote>\n<p>In light of the sale of the flagship facility and a shift in priorities, Argo saw the departure of Chief Development Officer Justin Nolan and Vice President of Data Centre Operations Theodor Papadakis.<\/p>\n<p>Wall pledged to outline the company&#8217;s growth strategy for 2023 in more detail later.<\/p>\n<p>Following the press release, Argo&#8217;s shares on the London Stock Exchange fell by almost 11%. The stock traded near \u00a39.1. The low was \u00a32.5 on 16 December 2022; the highs near \u00a3300 were seen in November 2021.<\/p>\n<figure class=\\\"wp-block-image\\\"><img decoding=\\\"async\\\" src=\\\"https:\/\/lh5.googleusercontent.com\/Ny7zCkn5roglz8RHrDJ2R_EMKp89rvhPl4l_Yvn4LXyr103NZiMMueSTfRUdy18jvoJwt8QL-nxtUf7I4LjVXgftRtub26QCFvGkJ6uZ1mU87HkAUaJ7n6PtHtbufvRI3ffLg2dA1CE6215-JwRlwD2sBjXSF6sxJuGKhWqYk3V2agmrbg3jd_m8TpSinw\\\" alt=\\\"Argo Blockchain cuts December Bitcoin production by almost 26%\\\"\/><figcaption>Data: <a href=\\\"https:\/\/www.lse.co.uk\/SharePrice.asp?shareprice=ARB&#038;share=Argo-Blockchai\\\">LSE<\/a>.<\/figcaption><\/figure>\n<p>Earlier in October, Argo said that <a href=\"https:\/\/u1f987.com\/en\/news\/argo-blockchain-fails-to-raise-24m-of-equity-capital\">failed to raise \u00a324 million<\/a> for working capital.<\/p>\n<p>In December, the exchanges <a href=\"https:\/\/u1f987.com\/en\/news\/exchanges-halted-trading-of-argo-blockchain-shares\">halted trading in the company&#8217;s shares<\/a> amid expectations of a bankruptcy filing.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news in our <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In December, the UK-based mining company Argo Blockchain mined 147 BTC after 198 BTC in November. The production declined by 25.75%.<\/p>\n","protected":false},"author":1,"featured_media":72406,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1182,1137],"class_list":["post-72405","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-argo-blockchain","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72405","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=72405"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72405\/revisions"}],"predecessor-version":[{"id":72407,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72405\/revisions\/72407"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/72406"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=72405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=72405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=72405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}