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Crypto Miner Argo Blockchain Faced Equipment Challenges, Higher Costs in July

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% greater than in June, even because it combated gear issues and better electrical energy prices.

Energy prices at its Helios facility in Texas had been better than anticipated, partly because of the upper pure fuel costs and partly as a consequence of elevated demand for air con in the course of the unusually scorching summer season driving up electrical energy costs.

Argo, which relies in London, additionally had failures amongst its S17 and T17 miners, which it stated displays wider mining trade expertise. Argo discovered that numerous its 17 sequence machines should not operational nor appropriate for restore. With the removing of those, Argo’s hashrate in July stood at 2.23 EH/s, largely unchanged from its 2.22EH/s in June as new S19J Execs had been put in.

In the course of the month, Argo raised round $20 million from the sale of 887 BTC, and used some to pay again a few of its mortgage from Galaxy Digital for the acquisition of the Helios facility. The mortgage steadiness excellent stood at $6.72 million as of the tip of July.

Shares of Argos, traded on the London Inventory Trade, fell about 3% as of 8:22 UTC.

Learn extra: Riot Blockchain Mined 28% Much less Bitcoin in July as Warmth Wave Reduce Energy Provide

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