Argo said the decline also reflected an increase in mining difficulty on the Bitcoin network.

Argo Blockchain (ARB), the only London Stock Exchange-listed crypto miner, said bitcoin production dropped 25% from April as its new Helios facility in Texas experienced “unplanned downtime” and mining difficulty increased on the Bitcoin network.

The company produced 124 bitcoin or bitcoin equivalents in May compared with 166 the previous month.

May saw the start of mining operations at the Helios facility in Dickens County, Texas. While bringing the facility online, the company “faced some limited instances of unplanned downtime,” it said in an announcement Tuesday.

In addition, high temperatures in the state saw increased energy demand and higher electricity prices, so Argo voluntarily curtailed reduced its energy usage there curtailing mining operations.
Argo also attributed the decline to an increase in mining difficulty on the Bitcoin network.

“The company’s hashrate on Terra Pool produced substantially lower bitcoin than in previous months, primarily due to short-term probabilistic outcomes. The company continues to explore all options to optimize its hashrate across alternative pools,” Argo added.

Argo reported mining revenue for May of just under £3.1 million ($3.89 million). For April it reported £5.52 million.

ARB shares fell 8.65% as of publication time, trading at 47.5 pence.

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