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Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), is pleased to provide the following operational update for January 2024.
During the month of January, the Company mined 124 Bitcoin, or 4.0 Bitcoin per day. This 20% decrease in daily Bitcoin production compared to the prior month was driven by a 16% decrease in Bitcoin-denominated hashprice, and to a lesser extent, weather-related curtailments. Hashprice, which refers to the expected value of hashing power, is a function of the block subsidy, network difficulty, and transaction fees. The decrease in hashprice in January 2024 was driven by lower transaction fees on the Bitcoin network and higher network difficulty compared to December 2023.
Bitcoin production in January 2024 was negatively impacted by weather-related curtailments at the Company's facilities in Quebec and at the Helios facility in Texas. At Helios, the Company's operations were curtailed in response to winter weather conditions which led to elevated power prices across Texas, particularly during Winter Storm Heather. The facility generates power credits during periods of economic curtailment, and the Company's share of power credits from January 2024 will offset a portion of the foregone revenue from curtailment.
Mining revenue in January 2024 amounted to $5.3 million, a decrease of 19% compared to the prior month (December 2023: $6.6 million).
As of 31 January 2024, the Company held digital assets worth the equivalent of 18 Bitcoin.
Posted In: ARBK
