In May, British mining company Argo Blockchain mined 124 BTC. This is 25.3% less than the previous month.

May Operational Update: https://t.co/PHJASeTPMh

-Med 124 BTC or BTC Equivalent
– Mining turnover was £3.1 million ($3.9 million) with a mining margin of 62%.
-At the end of the month, we held 2379 BTC & BTC Equivalent (187 BTC Equivalent)
– Agreement for special mining rigs @ePICBlockchain using @Intelchips#ARB $ARBK

— Argo (@ArgoBlockchain) June 7, 2022

The decline in production was explained by a number of factors:

• increased mining difficulty;
• voluntary reduction in energy consumption at the Helios plant in Texas due to tariff increases;
• unplanned downtime during commissioning of this business;
• The company’s hash rate on Terra Pool generated fewer bitcoins than in April due to possible consequences.

“You’re at risk. We’ve been very lucky in the past, but not so much this month. We’ve had a few dry spells where we haven’t mined that much block.” commented Argo CEO Peter Wall.

According to him, the company is considering alternative options to receive a guaranteed reward for a share of the hash rate, not based on the blocks found, as in Terra.

Argo’s mining revenue was £3.07m in May from £5.52m in April. Profitability fell from 75% to 62% due to both the drop in production and the drop in the price of the first cryptocurrency.

As of May 31, the firm held 2,379 BTC.

In May, Argo officially started mining in the Helios data center. Within a month, the company commissioned 2,500 Antminer S19J Professionals from Core Scientific as part of an on-site hardware replacement agreement.

The firm has also started installing similar devices on the site, provided by Bitmain under the September 2021 contract. This made it possible to increase the hash rate up to 300 PH/s, 1.9 EH/s by the end of the month.

The Chinese manufacturer will complete the delivery of all 20,000 miners under the deal by October 2022 – about 3,000 units per month.

Argo has also signed a contract with ePIC Blockchain Technologies to acquire 6,600 private bitcoin miners powered by Intel’s Blockscale ASICs. The company signed a supply agreement with an American chip manufacturer at the beginning of the year.

The agreement with ePIC provides the opportunity to order up to 23,400 devices. Miners are optimized to run on Helios, which uses immersion cooling to increase durability and efficiency.

Recall that in May Argo reached an agreement with the “daughter” of NYDIG to provide a loan of $ 70.6 million to purchase equipment for a mining operation in Texas.