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Argo Blockchain's Bitcoin Mining Margin Widens Most in at Least a Year
December production fell 26% as Argo powered off during a Texas storm.
Updated May 9, 2023, 4:05 a.m. Published Jan 11, 2023, 11:21 a.m.
Argo Blockchain (ARBK)'s bitcoin mining margin widened in December by the most in at least a year, increasing to 48%, the London-based company said in a filing to the London Stock Exchange.
The margin, a measure of profitability that isn't defined by international accounting standards and whose calculation may vary across companies, had sunk to as low as 20% in August from a 2022 high of 75% in April.
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Argo's production fell 26% to 147 for revenue of $2.49 million as the miner shut down operations during a storm in Texas. Bitcoin miners have been powering off at times of peak demand, such as the major storms that swept through the U.S. in December or during a July heatwave, in order to save on power costs. Some, like Riot Blockchain (RIOT), have been able to sell the power back to the grid.
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Argo has been adversely affected by rising energy prices globally as it lacks a fixed-rate power purchasing agreement for its mega-site in Texas, called Helios. Last month, Argo narrowly avoided bankruptcy by agreeing to sell Helios to Michael Novogratz’s crypto-focused financial-services firm Galaxy Digital for $65 million and a $35 million loan.
Argo shares fell 11% to 9.05 British pence (11 U.S. cents) in London as of 11:00 UTC.
CORRECTION (Jan. 12, 11:36 UTC): Corrects percentage change of bitcoin production.
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