The decrease in BTC mining volumes is attributed to a decrease in the hash rate, which was influenced by lower transaction fees and increased difficulty compared to the previous month. Argo Blockchain disclosed that it mined 124 BTC in January, averaging around 4 BTC per day.
The company’s results were further impacted by reduced production indicators in its divisions located in Canadian Quebec and Texas, due to adverse weather conditions that caused a significant hike in electricity prices.
Mining income for January amounted to $5.3 million, marking a 19% decline compared to the previous month’s $6.6 million. As of January 31, the company held digital assets equivalent to 18 bitcoins on its balance sheet.
On the evening of Monday, February 5, the leading cryptocurrency, Bitcoin, was trading between $42,600 and $43,200.
Over the past 24 hours, the value of Bitcoin has dropped by 0.8%. On a weekly basis, its market value witnessed a decrease of approximately 1.1%.
Former CEO of the BitMEX cryptocurrency exchange, Arthur Hayes, recently suggested that Bitcoin prices could experience a significant decline in the near future due to rising inflation expectations among investors.