Argo Blockchain mined 14% more bitcoin in January

Crypto mining company Argo Blockchain increased the number of mined bitcoin from 147 BTC in December 2022 to 168 BTC in January 2023, representing a 14% increase.

Argo mines more bitcoin in January 

In a press release published on Feb. 8, 2023, Argo stated that the reason the company has more bitcoin mined in January was mainly “due to fewer curtailment hours in January compared to December, when a severe winter storm impacted much of the United States.”

Also, Argo’s mining revenue rose from $2.49 million in Dec. 2022 to $3.42 million in Jan. 2023. Meanwhile, the firm holds 115 BTC as of Jan. 31, while the total hashrate remains at 2.5 EH/s. 

The crypto miner also said that it is working with digital assets investment management firm Galaxy Digital, as the latter is taking over Argo’s Helios facility.

As previously reported by crypto.news, Argo sold its Helios mining plant to Galaxy Digital for $65 million.

Following Galaxy’s takeover, the cryptocurrency mining company said in its press release that it would no longer provide monthly mining profit reports nor add the non-IFRS reconciliation table to the firm’s monthly operational update. Instead, the reports will be disclosed quarterly. 

Argo further mentioned a class action lawsuit filed on Jan. 26, 2023, by Aaron Murphy. According to the filing, the plaintiff alleged that Argo’s offering documents omitted important facts or contained “materially false and misleading statements.”

However, the crypto miner refuted allegations stated in the class action lawsuit and has hired McDermott, Will, and Emery, LLP as its defense counsel in the case. 

The latest development comes shortly after Argo announced that the company regained compliance from Nasdaq after maintaining the minimum required bid for 10 consecutive trading days.