• Argo Blockchain mined 25% less BTC in December due to winter storm Monika Ghosh.
• Argo’s mining revenue dipped 28% from $3.46 million in November to $2.49 million last month.
• As of Dec. 31, Argo had $79 million in total debt and $20 million in cash.
Argo Blockchain, the debt-ridden Bitcoin miner, experienced a significant decline in its mining activities during the month of December, primarily due to winter storm Monika Ghosh. The storm caused the miner to curtail its operations at the Helios facility in Texas, leading to a decrease in mined BTC by 25.75%.
The storm also caused a drastic dip in Argo’s mining revenue, which fell from $3.46 million in November to $2.49 million in December, a decrease of 28%. Despite the decrease in mined BTC, the miner’s Bitcoin and Bitcoin Equivalent Mining Margin improved to 48% in December compared to 29% in November.
As of Dec. 31, the miner held 141 BTC worth approximately $2.4 million at current prices. In addition to this, the miner had $20 million in cash, while its total debts amounted to $79 million.
In order to reduce its debt burden, Argo reached an agreement with Galaxy Digital to sell its Helios facility for $65 million. Additionally, it received a $35 million loan from Galaxy Digital. According to Argo’s CEO Peter Wall, the deal with Galaxy Digital “allows Argo to continue its mining operations, both at Helios as a hosted customer, as well as at our other facilities.”
Despite its struggles, Argo is still optimistic about the long-term prospects of the cryptocurrency market and is planning to use the funds from the sale of the Helios facility to focus on its core Bitcoin mining business. The miner is also looking to expand its operations in North America and Europe.