Argo Blockchain, the listed Bitcoin mining company from Texas, has been mining significantly less than before due to a winter storm in the US state.
Income is significantly less
According to Argo Blockchain, they mined 147 Bitcoin (BTC) in December. This is significantly lower than the 198 BTC she brought in a month earlier.
As of December 31, the company reportedly held 141 BTC and a bank balance of approximately $20 million, but still has outstanding debt of approximately $79 million.
Because of the winter storm in Texas, they had to mine less in order to save the power grid. Indeed, amid a massive drop in temperatures accompanied by high winds, grid demand in Texas reached a winter peak of more than 74,000 megawatts (MW). This drop in miners who are on Argo Blockchain is directly reflected in the company’s revenue.
Reduce power consumption
However, various miners responded almost immediately to the demand to reduce their power consumption. As a result, an estimated 1,500 MW of power could be reduced, so that the peak has become less.
Argo has reportedly opted to sell its Helios Flagship facility to Galaxy Digital for approximately $65 million. This transaction was aimed at reducing Argo’s overall debt and improving the company’s liquidity and operating structure.
Despite the sale, Argo continues to mine in Galaxy-owned Helios. Argo’s total hashrate capacity remains at 2.5 exahashes per second. It is not yet known what the company’s next step in this area will be.
