Argo Blockchain: Bitcoin mining volumes fell by 20%

The British mining company Argo Blockchain reported in its latest financial report a drop in share prices by 8% in January and a decrease in bitcoin production by 20%.

Argo Blockchain attributes the decline in BTC mining volumes to a drop in the so-called hash price, an indicator influenced by lower transaction fees and greater difficulty compared to December last year. The company announced that it mined 124 BTC in January, an average of 4 BTC per day.

An additional factor that influenced the company's results was the reduction in production indicators of divisions in Canadian Quebec and Texas. Reason: difficult climatic conditions, which led to a significant increase in electricity prices.

Mining income in January amounted to $5.3 million, which is 19% less than the previous month ($6.6 million). As of January 31, the company had digital assets equivalent to 18 bitcoins remaining on its balance sheet.

On the evening of Monday, February 5, the first cryptocurrency by capitalization was trading between $42,600 and $43,200.

Over the past 24 hours, the price of military-technical cooperation has fallen by 0.8%. On the weekly timeframe, the decrease in market value was about 1.1%.

Earlier, former CEO of the BitMEX cryptocurrency exchange Arthur Hayes said that in the short term, Bitcoin prices could fall significantly due to rising inflation expectations among investors.