Argo Blockchain reported January results

Mining company Argo Blockchain mined 168 BTC in January. This information appeared in the latest report. Compared to the previous month the number of coins received increased by 14%. The amount of net income from cryptocurrency mining operations amounted to $3.42 million.

Argo was among the miners who faced more difficulties because of the crypto-winter. According to CryptoSlate, the company had 2,748 BTC at the beginning of last year, compared to only 141 BTC at the end. Reserves were down 94.8 percent. The amount of total debt reached $79 million, while the number of funds in the accounts reached $20 million.

To cope with the difficult situation, BTC-miner was forced to sell the largest facility Helios. Thus, it managed to earn $65 million, as well as to get an additional loan from the buyer for $35 million.

Since the owner of Helios has changed, the company has been notified that it will no longer disclose data on profits from its mining activities, and all necessary data will be entered into quarterly statements. Argo Blockchain also mentioned a lawsuit that was filed because of “withholding important information during the IPO.” Representatives of the miners noted that this is not true.