Argo Blockchain (LSE: ARB; NASDAQ: ARBK), a cryptocurrency mining company listed in London and New York, released an operational update on Monday, revealing that it has mined 172 Bitcoin or ‘Bitcoin Equivalent’ in January.
There was a reduction in Bitcoin mined by the company last month compared to 214 BTC it mined in December 2021. Argo pointed out an increase in network difficulty behind the monthly decline in the number of mined digital currencies.
The mining revenue generated by the company last month came in at £5.26 million ($7.10 million), which is based on daily foreign exchange rates and cryptocurrency prices. This figure was at £7.82 million ($10.55 million) in the previous month.
Additionally, the mining margin from the operations of the company dropped from 83 percent in December to 73 percent last month.
Expanding Infrastructure
Argo is one of the major cryptocurrency mining companies. The firm witnessed a tremendous jump in its mining capacity. In the third quarter of 2021, the company generated a record total revenue of $26 million.
Meanwhile, the mining company is expanding its infrastructure. It acquired two data centers in Canada last year with a combined power capacity of 20 MW and placed massive orders for Bitcoin miners.
“As our mining operations continue to develop and the completion date of Helios, our new mining facility, approaches, this month we have laid the foundations for executing our growth strategy for 2022 and achieving the objectives we have set for the Company in the year ahead,” said Peter Wall, Argo’s Chief Executive Officer and interim Chairman.
