Argo Blockchain's Bitcoin mining fell 20% in January 2024 due to reduced BTC prices.
This translated into a revenue decline to $5.3 million last month.
The drop in the price of Bitcoin at the beginning of the year led to a publicly listed
miner, Argo Blockchain (NASDAQ: ARBK), reporting a reduction in cryptocurrency
mining. Specifically, the company mined 124 Bitcoin in January, a decrease of 20% from December 2023.
Argo Reports Lowe Bitcoin
Mining Production and Revenue in January 2024
The company
generated mining revenue of $5.3 million in January 2024, 19% less than the
$6.6 million in December 2023. The decline in revenue correlated with the
decrease in Bitcoin production.
Argo's CEO, Thomas Chippas, noted
that the lower Bitcoin output reflects a retreat of transaction fees. “Our
Bitcoin production decreased in January as transaction fees retreated from the
temporary spike we saw in December.”
He also
explained that curtailments of facilities in Quebec and Texas due to winter
weather served as a reminder that Bitcoin mining can quickly adjust power usage
to assist grid stability during extreme conditions.
Looking at
the historical results from 2023, it is evident that the mining level at the
beginning of 2024 is one of the weakest in recent times. Mining below the level
of 125 Bitcoins only occurred once over the past year, in August 2023, when the
BTC price hit its holiday lows and mining revenues were reduced to $2.9
million.
Argo Bids Farewall to the
COO, Secures £7.8M in Funding
In
addition, Argo Blockchain has undergone significant leadership changes. The Chief
Operating Officer, Seif El-Bakly, stepped down from his role after serving as the
Interim Chief Executive Officer from February to November 2023. The company
thanked El-Bakly for his contributions and leadership over the past year.
With
El-Bakly's departure, the operations team will continue under the guidance of the Chief Strategy Officer, Sebastien Chalus, who has been leading operations since February
2023. Argo Blockchain issued 1,973,892 new ordinary shares to El-Bakly as part
of a separation agreement.
In a
separate capital raising move, Argo Blockchain secured £7.8 million ($9.9
million) through share placement to institutional investors. The company
issued 38,064,000 new ordinary shares priced at £0.205 per share, representing
a small discount to the 30-day average price. The funds will provide working
capital, facilitate debt repayment, and support general corporate purposes.
This capital injection positions Argo Blockchain for continued operational
stability and future growth.
The drop in the price of Bitcoin at the beginning of the year led to a publicly listed
miner, Argo Blockchain (NASDAQ: ARBK), reporting a reduction in cryptocurrency
mining. Specifically, the company mined 124 Bitcoin in January, a decrease of 20% from December 2023.
Argo Reports Lowe Bitcoin
Mining Production and Revenue in January 2024
The company
generated mining revenue of $5.3 million in January 2024, 19% less than the
$6.6 million in December 2023. The decline in revenue correlated with the
decrease in Bitcoin production.
Argo's CEO, Thomas Chippas, noted
that the lower Bitcoin output reflects a retreat of transaction fees. “Our
Bitcoin production decreased in January as transaction fees retreated from the
temporary spike we saw in December.”
He also
explained that curtailments of facilities in Quebec and Texas due to winter
weather served as a reminder that Bitcoin mining can quickly adjust power usage
to assist grid stability during extreme conditions.
Looking at
the historical results from 2023, it is evident that the mining level at the
beginning of 2024 is one of the weakest in recent times. Mining below the level
of 125 Bitcoins only occurred once over the past year, in August 2023, when the
BTC price hit its holiday lows and mining revenues were reduced to $2.9
million.
Argo Bids Farewall to the
COO, Secures £7.8M in Funding
In
addition, Argo Blockchain has undergone significant leadership changes. The Chief
Operating Officer, Seif El-Bakly, stepped down from his role after serving as the
Interim Chief Executive Officer from February to November 2023. The company
thanked El-Bakly for his contributions and leadership over the past year.
With
El-Bakly's departure, the operations team will continue under the guidance of the Chief Strategy Officer, Sebastien Chalus, who has been leading operations since February
2023. Argo Blockchain issued 1,973,892 new ordinary shares to El-Bakly as part
of a separation agreement.
In a
separate capital raising move, Argo Blockchain secured £7.8 million ($9.9
million) through share placement to institutional investors. The company
issued 38,064,000 new ordinary shares priced at £0.205 per share, representing
a small discount to the 30-day average price. The funds will provide working
capital, facilitate debt repayment, and support general corporate purposes.
This capital injection positions Argo Blockchain for continued operational
stability and future growth.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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