January's Harsh Weather Curbs Argo Blockchain's Crypto Production, Reveals Operational Update
Portfolio Pulse from Benzinga Newsdesk
Argo Blockchain plc (NASDAQ:ARBK) reported a 20% decrease in daily Bitcoin production for January 2024, primarily due to a 16% drop in Bitcoin-denominated hashprice and weather-related curtailments in Quebec and Texas. The harsh weather, especially during Winter Storm Heather, led to elevated power prices and operational curtailments at the Helios facility. Despite these challenges, the company generated $5.3 million in mining revenue, a 19% decrease from December 2023. Argo Blockchain held digital assets worth the equivalent of 18 Bitcoin as of January 31, 2024.
February 05, 2024 | 7:13 am
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Argo Blockchain plc experienced a significant decrease in Bitcoin production and mining revenue in January 2024 due to adverse weather conditions and a lower Bitcoin-denominated hashprice.
The decrease in Bitcoin production and mining revenue is directly attributed to operational challenges faced by Argo Blockchain, including weather-related curtailments and a decrease in hashprice. These factors are likely to negatively impact investor sentiment and the short-term stock price movement of ARBK.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100