{"id":539026,"date":"2023-01-11T14:08:43","date_gmt":"2023-01-11T11:08:43","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/argo-blockchain-mines-25-less-bitcoin-due-to-winter-storm-at-helios\/"},"modified":"2023-01-11T14:08:43","modified_gmt":"2023-01-11T11:08:43","slug":"argo-blockchain-mines-25-less-bitcoin-due-to-winter-storm-at-helios","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/argo-blockchain-mines-25-less-bitcoin-due-to-winter-storm-at-helios\/","title":{"rendered":"# Argo Blockchain mines 25% less Bitcoin due to winter storm at Helios"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3fa8ebe0a2c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3fa8ebe0a2c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/argo-blockchain-mines-25-less-bitcoin-due-to-winter-storm-at-helios\/#%E2%80%9D_Argo_Blockchain_mines_25_less_Bitcoin_due_to_winter_storm_at_Helios_%E2%80%9C\" >&#8221; Argo Blockchain mines 25% less Bitcoin due to winter storm at Helios &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Argo_Blockchain_mines_25_less_Bitcoin_due_to_winter_storm_at_Helios_%E2%80%9C\"><\/span>&#8221; Argo Blockchain mines 25% less Bitcoin due to winter storm at Helios &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-6ed77c39>Publicly-listed Bitcoin (BTC) mining company Argo Blockchain saw a significant drop in mining activity in December due to a winter storm in Texas.<\/p>\n<p>On Jan. 11, Argo <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/argoblockchain.com\/news-room\/2022-december-operational-update\">released<\/a> its first operational update since selling its flagship mining facility Helios to Mike Novogratz\u2019s Galaxy Digital. The company said it mined 147 Bitcoin or BTC equivalents in December, compared to 198 BTC in November 2022.<\/p>\n<p>As of Dec. 31, Argo held 141 BTC, with its December mining revenue amounting to $2.49 million, the firm said. Argo\u2019s total debt was <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roximately $79 million, and its bank balance was about $20 million.<\/p>\n<p>According to the announcement, the decrease in the amount of mined BTC was mainly due to Argo curtailing mining operations at Helios in response to a major winter storm in Texas.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/75e95829-5faa-464e-b951-bbe8820748fa.png\"><figcaption style=\"text-align: center;\">Cast your vote now!<\/figcaption><\/figure>\n<p>In late December, the United States Energy Department <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.energy.gov\/sites\/default\/files\/2022-12\/Department%20of%20Energy%20Order%20No.%20202-22-3signed.pdf\">declared<\/a> a power emergency in Texas, citing a shortage of electricity due to the impact of severe winter weather. Amid a massive temperature drop accompanied by high winds, the demand on the Texas power grid reached an all-time winter peak in excess of 74,000 megawatts (MW).<\/p>\n<p>Argo CEO Peter Wall pointed out that the company\u2019s mining results were lower than expected because the firm had to reduce power usage on the grid due to extreme weather conditions.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bitcoin miners see mixed successes in tackling debt-fueled overexpansion crisis<\/em><\/strong><\/p>\n<p>During the winter storm, Argo joined other Texas Bitcoin miners in reducing power usage by an estimated 1,500 MW, Wall said, adding:<\/p>\n<blockquote><p>\u201cAfter the winter storm and associated freezing temperatures had subsided, we safely brought Helios back online and resumed operations.\u201d<\/p><\/blockquote>\n<p>Wall mentioned that Argo eventually decided to sell its Helios facility to Galaxy Digital, announcing the $65 million deal on Dec. 28. The transaction aimed to reduce Argo\u2019s total debt by $41 million and improve liquidity and operating structure.<\/p>\n<p>Despite the sale, Argo will still continue mining at Galaxy-owned Helios facility. Argo\u2019s total hashrate capacity continues to be 2.5 exahashes per second, the announcement notes.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/argo-blockchain-mines-25-less-bitcoin-due-to-winter-storm-at-helios\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Argo Blockchain mines 25% less Bitcoin due to winter storm at Helios &#8220; Publicly-listed Bitcoin (BTC) mining company Argo Blockchain saw a significant drop in mining activity in December due to a winter storm in Texas. On Jan. 11, Argo released its first operational update since selling its flagship mining facility Helios to Mike&#8230;<\/p>\n","protected":false},"author":1,"featured_media":539027,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/950ce502-7f5a-40bf-b698-ff0a75b163bc.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,76962,75042,117,6474],"class_list":["post-539026","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-mike-novogratz","tag-mining","tag-business","tag-texas"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/539026","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=539026"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/539026\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/539027"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=539026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=539026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=539026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}