BTC miner Argo Blockchain mined fewer bitcoins in December due to the weather

Major mining company Argo Blockchain was forced to reduce the number of coins mined in December due to difficult weather conditions. 

The first operational announcement after the sale of its flagship Helios facility came out on January 11. According to the miner’s statements, 147 BTC were mined, compared to 198 BTC in November. Thus, cryptocurrency mining revenue was $2.49 million, and on an annualized basis – $79 million. The balance in the bank account reached $20 million. Argo said that the decline in mining was due to a severe storm. 

According to the company’s CEO, Peter Wall, the decision was made to join other miners who reduced power consumption during the peak load period on the network:

After the end of the storm and rising temperatures, Helios safely returned to work and cryptocurrency mining continued as usual. 

As a reminder, according to the terms of the deal, Argo Blockchain continues to mine on Helios and the overall hash rate remains at 2.5 Eh/s. 

During the state of emergency declared due to the storm, the miners supported the power grid thanks to a smartly implemented flexible power policy.