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 <p class="is-style-lead">Argo Blockchain’s <a rel="noopener noreferrer nofollow" title="shares" href="https://thebittimes.com/tag/shares.html">shares</a> <a rel="noopener noreferrer nofollow" title="plunge" href="https://thebittimes.com/tag/plunge.html">plunge</a>d by 7.5% on Monday after the London-based mining company disclosed a 20% <a rel="noopener noreferrer nofollow" title="decrease" href="https://thebittimes.com/tag/decrease.html">decrease</a> in mined Bitcoin in January.</p>
 <p>As per the company’s January financial update, Argo Blockchain mined 124 BTC, representing a 20% decline in daily BTC production compared to December 2023. The company attributed the decrease to a “16% reduction in Bitcoin-denominated hash price” and factors such as “weather-related curtailments” in Quebec, Canada, and Texas, USA, where its facilities are located.</p>
 <blockquote class="wp-block-quote">
  <p>“The decrease in hashprice in January 2024 was driven by lower transaction fees on the Bitcoin network and higher network difficulty compared to December 2023.”</p>
  <p>Argo Blockchain</p>
 </blockquote>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Argo Blockchain appoints ex-CBOE digital leader as new CEO
 </div>
 <p>Following the news, Argo’s <a rel="noopener noreferrer nofollow" title="shares" href="https://thebittimes.com/tag/shares.html">shares</a> (ARBK) on the Nasdaq stock exchange <a rel="noopener noreferrer nofollow" title="plunge" href="https://thebittimes.com/tag/plunge.html">plunge</a>d by over 7% to $1.93, according to Google Finance. Overall, Argo reported a revenue of $5.3 million for January, reflecting a 19% <a rel="noopener noreferrer nofollow" title="decrease" href="https://thebittimes.com/tag/decrease.html">decrease</a> from December 2023, when it recorded $6.6 million. As of Jan. 31, Argo held approximately 18 BTC on its balance sheet, as outlined in the financial report.</p>
 <p>Commenting on the production decrease, Argo Blockchain CEO Thomas Chippas pointed out that crypto miners provide a “unique source of baseload demand which can be quickly curtailed to free up electricity for other users on the grid.”</p>
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Argo Blockchain shares plunge 8% following COO departure
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-miner-argo-blockchain-shares-plunge-8-following-production-decrease-tbt78884.html">https://thebittimes.com/bitcoin-miner-argo-blockchain-shares-plunge-8-following-production-decrease-tbt78884.html</a></p>

Bitcoin miner Argo Blockchain shares plunge 8% following production decrease

TheBitTimes

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