Argo Blockchain, the only U.K. listed cryptocurrency miner, suffered a complete loss in 2022, as the price for bitcoin (BTC), fell and the mining difficulty increased. This led to higher costs, as revenues dropped.

In a press release, , a London-based company, reported a loss in the amount of 194.2 million British Pounds (US$240,000,000), or 40.98 cents per share. This compares to a profit of 30.8 millions pounds or 7.4 cents, the previous year. Bitcoin’s price dropped by more than 60% in the past year.

In 2022, miners struggled as revenues declined along with the bitcoin price, while energy costs rose and the difficulty to mine a block of bitcoins, when they get rewarded , soared. Argo avoided bankruptcy while Core Scientific, ComputeNorth, and agreed to sell their Helios mining facilities in Dickens Country Texas to Galaxy Digital for $65, million. The company also secured a $35 million loan, secured by the mining equipment it owns, from Michael Novogratz’s crypto-focused financial services firm.

Argo’s mining profit margin increased to 45%-50% from 35% during the fourth quarter. Daily bitcoin production also rose by 5%. Argo will now concentrate on its operations in Quebec (Canada), where it operates two sites with a total of 20 megawatts(MW) of electricity, according to website.

Seif El Bakly, interim CEO of Argo, said in a statement that the company had “overcome challenging market conditions” in the crypto sector as well as the global economy during the second half 2022. Peter Wall has resigned from his position as CEO.

Helios’ flagship site did not have a power contract with a fixed rate, so costs increased dramatically during the energy crisis. Argo attempted to raise money in order to avoid bankruptcy. Then, they decided to sell the facility, which could reach 800 MW power consumption.

The company ended the year with 2.5 EH/s of computing power. This is slightly less than the 3 EH/s that it predicted for August 2022.

Argo is among a few companies who agreed to purchase Intel’s bitcoin mining ASICs in February 2022. has designed a mining rig that uses these chips in conjunction with hardware manufacturer ePIC Blockchain. Intel announced last week that it was discontinuing its product line. ePIC Blockchain, on the other hand, is promoting Intel-based machines to customers via its website.

Argo expects to receive 2,870 Intel-based chips in the early third quarter.

The shares of the company dropped 5% at midday on the London Stock Exchange.

UPDATE: (April 28, 951 UTC) Added mining industry background to third paragraph. First-quarter data in fourth paragraph. Details about Helios and ePIC Blockchain Collaboration. Quebec sites.

Sheldon Reback is the editor.