<p>Argo
Blockchain (NASDAQ:ARBK), a publicly-listed <a href="https://www.financemagnates.com/terms/c/crypto-mining/" class="terms__main-term" id="b7de0d78-81b9-460d-b33d-311d7d0dff0e" target="_blank">crypto mining</a> firm, published its
January operational update on Wednesday, showing a 14% higher production in BTC than a
month before, translating to $3.42 million in revenue.</p><p>Higher Bitcoin Production
in Argo Blockchain Data Centers</p><p>According
to today's press release, the production was increased due to the easing of the
harsh winter conditions which hit the United States in December and caused
mining rigs to be shut down for several days. However, the positive effects of a calmer winter have been somewhat limited by the constantly rising network and
Bitcoin (BTC) mining difficulty. Compared to the previous month, the difficulty
measures rose by 3% in January 2023.</p><p>Argo
Blockchain produced 168 BTC in January while <a href="https://www.financemagnates.com/cryptocurrency/argo-blockchain-reports-35-lower-bitcoin-production-in-december/" target="_blank" rel="follow">mining 147 tokens a month earlier</a>.
At the end of the month, the company had 115 Bitcoin in its inventory, handling
a total <a href="https://www.financemagnates.com/terms/h/hash-rate/" class="terms__secondary-term" id="427967e8-9807-479a-b9d0-f5dcdee58c91" target="_blank">hashrate</a> of 2.5 EH/s.</p><p>The
improved performance translates into a better company valuation on NASDAQ. On
Monday, Argo shares were up 35%, testing their highest levels since October.
Currently, ARBK is trading at $2.72 per share.</p><p>Galaxy Digital and Argo
Blockchain Work Closely</p><p>The company
continues to work closely with Galaxy Digital Holdings, <a href="https://www.financemagnates.com/cryptocurrency/mike-novogratzs-galaxy-saves-bitcoin-miner-argo-from-bankruptcy/" target="_blank" rel="follow">as announced at the end
of the year</a>. The company was on the brink of bankruptcy and Galaxy, represented
by Mike Novogratz, agreed to acquire Helios mine and grant an asset-backed
loan.</p><p>"Due
to the change in ownership of Helios, Argo will no longer disclose mining
profit on a monthly basis; it will no longer include the non-IFRS
reconciliation table in its monthly operational updates. The company will
continue to provide these figures on a quarterly basis and in its financial
statements," Argo Blockchain wrote in the operational update. </p><p>The Texas-based
cryptocurrency mine Helios was sold for $65 million. Additionally, Galaxy agreed
to refinance Argo Blockchain loans, which were contracted to cover current
operations.</p><p>Watch the recent FMLS22 panel on reimagining the crypto market structure.</p><p>A Better January After a Weak
December</p><p>Argo
Blockchain's results confirm strong seasonal conditions in December that dampened
overall cryptocurrency production. </p><p>"During
the winter storm, Argo joined other Texas Bitcoin miners in reducing power
usage by an estimated 1,500 MW, according to the Texas Blockchain Council. Argo
has always committed to being a good community partner, and the company is
proud to have contributed to the stability of the Texas power grid during the
winter storm," the company commented in the press release.</p><p>However, January's
production reports already show better results. HIVE Blockchain, another
publicly listed miner, produced 260 BTC in January, <a href="https://www.financemagnates.com/cryptocurrency/hive-blockchain-reports-btc-production-and-bets-od-grid-balancing/" target="_blank" rel="follow">21% more than in December
2022</a>, when the production rate reached 214 BTC. The average daily mining output
came in at 8.4 BTC per day.</p><p>At the same
time, Riot Blockchain mined 740 BTC in January compared to 659 BTC produced in December 2022. At
the end of the month, Riot had 82,656 miners with a capacity of 9.3 EH/s, which
does not include the 17,040 machines that were shut down due to Texas data
center damage after severe winter weather.</p><p>However,
miners experienced a difficult 2022. Although industry players such as Northern
Data <a href="https://www.financemagnates.com/cryptocurrency/btc-miner-northern-data-increases-its-crypto-production-by-315-in-2022/" target="_blank" rel="follow">increased production by more than 300%</a> last year, the mining industry's <a href="https://www.financemagnates.com/cryptocurrency/why-bitcoin-miners-made-6-billion-less-in-2022/" target="_blank" rel="follow">total revenue slipped by $6 billion</a>.</p>
This article was written by Damian Chmiel at www.financemagnates.com.
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