Crypto Miner Argo’s Monthly Sales, Bitcoin Output Fell on Higher Difficulty, Winter Storm
Argo Blockchain’s mining margin in February also narrowed from the previous month.
Mar 7, 2022 at 4:27 p.m. UTCUpdated May 11, 2023 at 3:59 p.m. UTC
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Crypto miner Argo Blockchain’s (ARB) February revenue and bitcoin production fell from the previous month as Bitcoin network difficulty increased, and a winter storm hampered data-center activity.
- Revenue fell about 21% from January to $5.58 million while bitcoin-equivalent mined fell 22% to 135, according to a statement.
- The lower production resulted from a higher global network hashrate that led to an increase in network difficulty as well as curtailments of operations at its facilities in Quebec and North Dakota due to bad weather.
- "During February, we have experienced exceptional weather conditions and are hopeful that these are behind us,” CEO Peter Wall said.
- Argo, one of the few publicly traded miners that provides revenue and margin numbers with monthly production updates, also said its mining margin narrowed to 71% from 74% in January.
- On March 3, privately held miner Gem Mining also said that its bitcoin production fell in February due to the increase in global hashrate and the impact of curtailing operations to support community needs for extra power.
- Argo shares fell about 1% in London on Monday while bitcoin was slightly higher.
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Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets