Publicly-listed Bitcoin (BTC) mining company Argo Blockchain saw a significant drop in mining activity in December 2022 due to a winter storm in Texas.On Jan. 11

, Argo released its first functional upgrade considering that offering its flagship mining center Helios to Mike Novogratz’s Galaxy Digital. The company said it mined 147 Bitcoin or BTC equivalents in December, compared to 198 BTC in November 2022.

The company stated that since Dec. 31, Argo held 141 BTC, with its December mining income amounting to $2.49 million. Argo’s overall debt was roughly $79 million and its bank balance was about $20 million.According to the announcement, the reduction in the amount of mined BTC was generally due to Argo reducing mining operations at Helios in reaction to a significant winter season storm in Texas. Cast your vote now!In late December, the United States Department of Energy stated a power emergency in Texas, citing a lack of electrical energy due to the effect of serious winter season weather condition. Amidst a massive temperature level 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). Argo CEO Peter Wall explained that the company’s mining outcomes were lower than anticipated because the firm needed to lower power use on the grid due to severe weather condition conditions.Related: Bitcoin miners see mixed successes in tackling debt-fueled overexpansion crisis Throughout the winter storm, Argo signed up with other Texas Bitcoin miners in reducing power usage by an approximated 1,500 MW, Wall stated, adding:”After the winter storm and associated freezing temperatures had actually gone away, we securely brought Helios back online and resumed operations. “Wall discussed that Argo ultimately chose to sell its Helios center to Galaxy Digital, announcing the$65 million deal on Dec. 28. The deal intended to reduce Argo’s total financial obligation by$41 million and improve liquidity and operating structure.Despite the sale, Argo will still continue mining at the Galaxy-owned Helios facility. Argo’s overall hash rate capability continues to be 2.5

exahashes-per-second, the announcement notes.