ICYMI: Argo mined 22.4% more bitcoin in July than in June — and sold 887
As for Argo, it said that energy costs at Helios — its flagship site in Texas — were higher than anticipated."That's because we currently have a PPA that is connected to the index prices, the spot prices," Wall said."Power prices are really high. It’s like signing a mortgage when interest rates are really high. You have to wait for them to come down."
The CEO hopes the company will be able to negotiate a better PPA at a fixed price after power rates go down closer to the end of the summer, into September. Argo's margin was 37% in July. “Not a great margin, not where we wanna be and that should change in the future," Wall said. © 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado.
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