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Argo Blockchain Shares Drop 8% as Bitcoin Production Falls 20% in January

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#DeFi
$BTC
Crypto Potato
633Words
Feb 5, 2024

Argo Blockchain, a London-based cryptocurrency miner, reported a decrease in Bitcoin production in January, leading to a 7.81% decline in its shares. The company attributed the decrease to a 20% decline in daily production compared to December, primarily due to a 16% drop in Bitcoin-denominated hashprice. Argo Blockchain's shares dipped to 14.75 pence each in London on February 5. The company mined 124 Bitcoin in January, averaging 4.0 $BTC per day, with the reduction mainly due to lower transaction fees on the network and greater difficulty compared to December. Weather-related challenges, including curtailments at its facilities in Quebec, Canada, and its Helios facility in Texas due to winter weather conditions, particularly during Winter Storm Heather, also contributed to the decline in production. Argo Blockchain reported mining revenue of $5.3 million in January, a 19% decrease from the previous month's $6.6 million. As of January 31, 2024, the company held digital assets equivalent to 18 Bitcoin. CEO Thomas Chippas commented on the challenges faced in January, highlighting the impact of transaction fees and weather-related curtailments on production.

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