Crypto miner Argo Blockchain (ARB) mined 219 bitcoin (BTC) or bitcoin equivalents in July, 22% greater than in June, even because it combated tools issues and better electrical energy prices.
Energy prices at its Helios facility in Texas have been higher than anticipated, partly because of the upper pure gasoline costs and partly resulting from elevated demand for air-con in the course of the unusually sizzling summer time 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 will not be operational nor appropriate for restore. With the removing 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 have been put in.
In the course of 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 Lower Energy Provide