London-based cryptocurrency mining company Argo Blockchain produced 219 Bitcoin (BTC) in July, surpassing its June production.
Despite rising equipment and electricity costs, Argo produced 22 percent more than the month of June. Contrary to expectations, electricity costs have increased in the Helios center in Texas, as natural gas prices and summer cooling costs increase. While Texas may be friendlier to cryptomining firms than other states, in times of increased demand for assets, this can lead to a deterioration in relations as electricity use will increase. Some mining firms stopped their operations last month to minimize the threat of power cuts to households. So much so that Riot Blockchain reduced its activities and included a $ 9.5 million energy loan.
Argo Blockchain Has Other Problems
London-based crypto mining company Argo Blockchain has had a number of misfortunes and failures with its S17 and T17 rigs. Also, Argo discovered that some miners in the 17 series were not working and were not repairable. With these miners replaced with S19Js, Argo’s hashrate hit 2.23 EH/s in July.
Argo, which sold 887 Bitcoin (BTC) during the month and put $ 2 million in the company vault, used some of this money to pay off the loan it received from Galaxy Digital while purchasing the Helios center. Argo’s shares listed on the London Stock Exchange have fallen 55 percent this year, indexed to the price of Bitcoin.
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