Argo Blockchain PLC, a global leader in cryptocurrency mining, released its operational update for January 2024. The company mined 124 Bitcoin, with a daily production of 4.0 Bitcoin, representing a 20% decrease from the prior month. This decline was attributed to a 16% decrease in Bitcoin-denominated hashprice and weather-related curtailments. The decrease in hashprice was driven by lower transaction fees on the Bitcoin network and higher network difficulty compared to December 2023.
The weather-related curtailments at the Company's facilities in Quebec and at the Helios facility in Texas also impacted Bitcoin production. The company's operations at the Helios facility were curtailed due to winter weather conditions, leading to elevated power prices across Texas, particularly during Winter Storm Heather. However, the facility generates power credits during periods of economic curtailment, which will offset a portion of the foregone revenue from curtailment.
Mining revenue in January 2024 amounted to $5.3 million, a 19% decrease compared to the prior month. As of 31 January 2024, the Company held digital assets worth the equivalent of 18 Bitcoin.
Argo's Chief Executive, Thomas Chippas, commented on the January production, stating, "Our Bitcoin production decreased in January as transaction fees retreated from the temporary spike we saw in December. We also experienced some instances of curtailment as a result of winter weather in Quebec and Texas, which is a great reminder of how Bitcoin mining contributes to grid stability during extreme weather events."
This operational update provides insight into Argo Blockchain's Bitcoin production, revenue, and the impact of weather-related curtailments on its operations, offering a comprehensive view of the company's performance in January 2024.