Crypto Miner Argo Blockchain Faced Equipment Challenges, Higher Costs in July
Crypto miner Argo Blockchain (ARB) mined 219 bitcoin (BTC) or bitcoin equivalents in July, 22% more than in June, even as it combated equipment problems and higher electricity costs.
Power costs at its Helios facility in Texas were greater than anticipated, partly as a result of the higher natural gas prices and partly due to increased demand for air conditioning during the unusually hot summer driving up electricity prices.
Argo, which is based in London, also had failures among its S17 and T17 miners, which it said reflects wider mining industry experience. Argo found that a large number of its 17 series machines are not operational nor suitable for repair. With the removal of these, Argo's hashrate in July stood at 2.23 EH/s, largely unchanged from its 2.22EH/s in June as new S19J Pros were installed.
During the month, Argo raised around $20 million from the sale of 887 BTC, and used some to pay back some of its loan from Galaxy Digital for the purchase of the Helios facility. The loan balance outstanding stood at $6.72 million as of the end of July.
Shares of Argos, traded on the London Stock Exchange, fell about 3% as of 8:22 UTC.
Read more: Riot Blockchain Mined 28% Less Bitcoin in July as Heat Wave Cut Power Supply
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