Crypto Miner Argo Blockchain Facing Hardware Issues And Higher Costs In July

Cryptocurrency miner Argo Blockchain (ARB) mined 219 bitcoins (BTC) or bitcoin equivalents in July, 22% more than in June, even as it is facing problems equipment and higher electricity costs.

• Electricity costs at the Helios facility in Texas were higher than expected, partly due to higher natural gas prices and partly due to increased demand for air conditioning during the unusually hot summer that sent electricity prices up.

• Argo, that is primarily based totally in London, additionally had screw-ups amongst its S17 and T17 miners, which it stated displays wider mining enterprise experience. Argo located that a big range of its 17 collection machines aren't operational nor appropriate for repair. With the elimination of these, Argo's hash rate in July stood at 2.23 EH/s, in large part unchanged from its 2.22EH/s in June as new S19J Pros had been installed.