Crypto Miner Argo Blockchain Faced Equipment Challenges, Higher Costs in July

Crypto miner Argo Blockchain (ARB) mined 219 bitcoin (BTC) or bitcoin equivalents in July, 22% greater than in June, even because it combated gear issues and better electrical energy prices.

Energy prices at its Helios facility in Texas had been larger than anticipated, partly because of the upper pure gasoline costs and partly on account of elevated demand for air-con throughout the unusually scorching summer season driving up electrical energy costs.

Argo, which is predicated in London, additionally had failures amongst its S17 and T17 miners, which it mentioned displays wider mining trade expertise. Argo discovered that numerous its 17 sequence machines usually are not operational nor appropriate for restore. With the elimination of those, Argo’s hashrate in July stood at 2.23 EH/s, largely unchanged from its 2.22EH/s in June as new S19J Execs had been put in.

Through the month, Argo raised round $20 million from the sale of 887 BTC, and used some to pay again a few of its mortgage from Galaxy Digital for the acquisition of the Helios facility. The mortgage steadiness excellent stood at $6.72 million as of the top of July.

Shares of Argos, traded on the London Inventory Trade, fell about 3% as of 8:22 UTC.

Learn extra: Riot Blockchain Mined 28% Much less Bitcoin in July as Warmth Wave Minimize Energy Provide

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