Argo Blockchain (ARBK), the only London Stock Exchange-listed crypto miner, said its bitcoin production in May dropped 25% from April as its new Helios facility in Texas experienced "unplanned downtime" and mining difficulty increased on the Bitcoin network.
- The company, whose American depositary receipts are listed on Nasdaq, produced 124 bitcoins or bitcoin equivalents in May, compared with 166 the previous month.
- In addition, high temperatures in the state caused increased energy demand and higher electricity prices, and so Argo voluntarily reduced its energy usage there by curtailing its mining operations.
- Argo also attributed the decline to an increase in mining difficulty on the Bitcoin network.
- "The company's hashrate on Terra Pool produced substantially lower bitcoin than in previous months, primarily due to short-term probabilistic outcomes. The company continues to explore all options to optimize its hashrate across alternative pools," Argo added.
- Argo reported mining revenue for May of just under £3.1 million ($3.9 million), down from £5.52 million in April.
- The company's shares fell 8.7% as of publication time, trading at 47.5 pence, on the LSE.
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