- Last month, it barely mined 172 Bitcoin.
- The difficulty of mining BTC has considerably increased.
Argo Blockchain (LSE: ARB; NASDAQ: ARBK), a cryptocurrency mining company with stock exchanges in London and New York, revealed on Monday that it mined 172 Bitcoin or ‘Bitcoin Equivalent’ in January.
The corporation mined fewer Bitcoins last month than it did in December 2021, when it created 214 BTC. The monthly fall in the amount of mined digital currency, according to Argo, is due to an increase in network difficulty.
The company’s mining revenue for the month came in at £5.26 million ($7.10 million), based on daily foreign exchange rates and cryptocurrency pricing. In the preceding month, this sum was £7.82 million ($10.55 million).
The mining margin from the company’s operations fell from 83 percent in December to 73 percent last month.
Argo is a well-known bitcoin mining company. The company’s mining capacity increased dramatically. The company produced a record total revenue of $26 million in the third quarter of 2021.
In the meantime, the mining firm is increasing its infrastructure. Last year, it purchased two data centres in Canada with a combined power capacity of 20 MW, as well as placing large orders for Bitcoin miners.
“As our mining operations grow and Helios, our new mining facility, nears completion, we’ve established the groundwork this month to execute our growth strategy for 2022 and meet the goals we’ve set for the Company in the coming year,” said Peter Wall, Argo’s Chief Executive Officer and interim Chairman.