Argo Blockchain’s Struggles Continue with a 17% Drop in Bitcoin Production

Argo Blockchain, a prominent crypto miner, has reported a significant dip in its Bitcoin output. In June 2023, the company’s production fell by 17%, yielding only 139 Bitcoins. This reduction, down from 173 BTC mined in May, is a result of increased network difficulty and scaling back operations at the Texas-based Helios facility, according to financemagnates.

Although the cutback affected Bitcoin mining, Argo expects an inflow of cash from power trading activities at Helios. The company also reported a 19% decrease in revenue for June, with earnings totalling $3.84 million, compared to May’s $4.75 million. Despite these setbacks, ARGO shares on Wall Street remain strong, closing nearly $30 per share.

Argo is actively taking steps to counter these issues. They’re enhancing their mining capabilities at their Quebec facilities, installing new BlockMiner machines. Once fully operational, these machines should increase the company’s hash rate capacity by 12%, taking it to approximately 2.8 EH/s. These actions indicate Argo’s strategic response to the increasingly competitive crypto mining environment.

Despite the financial struggles, Argo is on the road to recovery. The company struck a crucial deal with Galaxy Digital Holdings Ltd, which saved them from potential bankruptcy. 

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