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Crypto miner Argo Blockchain reported a decline in its Bitcoin (BTC) production for the month of May 2022. Compared to April’s output, the London Stock Exchange-listed company’s May output dropped by a quarter, which it attributed to a number of factors including technical issues and the increased mining difficulty on the Bitcoin network.
In the recently released May 2022 Operational Update, Argo Blockchain reported a 25 percent decline in its Bitcoin output for the month of May compared to the previous month. “During the month of May, Argo mined 124 Bitcoin or Bitcoin Equivalents (together, BTC) compared to 166 BTC in April 2022,” Argo Blockchain said.
The lower Bitcoin mining output for the month of May understandably translated to a lower monthly revenue compared to April. The company’s mining revenue in May dropped to £3.07 million ($3.89 million) from the revenue of £5.52 million ($6.83 million) it posted in the previous month.
The crypto miner attributed the decline in Bitcoin production to a number of factors such as the increasing in mining difficulty. “The Bitcoin network experienced an increase in difficulty, leading to fewer BTC mined,” Argo explained.
Another factor is the lower than anticipated production on the Terra Pool, which it plans to remedy by tapping into other mining pools to optimized performance. “The Company's hashrate on Terra Pool produced substantially lower Bitcoin than in previous months, primarily due to short-term probabilistic outcomes,” Argo said. “The Company continues to explore all options to optimize its hashrate across alternative pools.”
Production was also affected due to unfavorable weather conditions. “High temperatures in Texas led to increased energy demand and higher electricity prices, to which the Company responded by voluntarily curtailing mining operations and reducing its energy usage at Helios,” Argo explained.
Just like any computer system, mining facilities require cooling systems to prevent overheating of the rigs. This explains why some mining firms opted to put up their operations in areas with colder climates. By minimizing power usage for cooling, they can lower expenses and increase profit margins.
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