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Crypto Miner Argo’s Monthly Sales, Bitcoin Output Fell on Higher Difficulty, Winter Storm
Argo Blockchain’s mining margin in February also narrowed from the previous month.
By Aoyon Ashraf
Updated May 11, 2023, 3:59 p.m. Published Mar 7, 2022, 4:27 p.m.
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Crypto miner Argo Blockchain’s February revenue and bitcoin production fell from the previous month as Bitcoin network difficulty increased, and a winter storm hampered data-center activity.
- Revenue fell about 21% from January to $5.58 million while bitcoin-equivalent mined fell 22% to 135, according to a statement.
- The lower production resulted from a higher global network hashrate that led to an increase in network difficulty as well as curtailments of operations at its facilities in Quebec and North Dakota due to bad weather.
- "During February, we have experienced exceptional weather conditions and are hopeful that these are behind us,” CEO Peter Wall said.
- Argo, one of the few publicly traded miners that provides revenue and margin numbers with monthly production updates, also said its mining margin narrowed to 71% from 74% in January.
- On March 3, privately held miner Gem Mining also said that its bitcoin production fell in February due to the increase in global hashrate and the impact of curtailing operations to support community needs for extra power.
- Argo shares fell about 1% in London on Monday while bitcoin was slightly higher.
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Recapping Consensus Hong Kong
Crypto's role in payments for AI, regulatory changes and the digital asset market dominated conversations on the ground.
Cosa sapere:
- Speakers at CoinDesk's Consensus Hong Kong conference said crypto and stablecoins are likely to become the default payment tools for autonomous AI agents in an emerging "machine economy."
- Market participants warned that bitcoin, which has already dropped nearly $30,000 in a month, may fall further, with $50,000 seen as the level to watch.
- Hong Kong regulators are pressing ahead with crypto rules even as others wait to see how U.S. legislation develops.
