Argo Blockchain, the leading cryptocurrency miner, has significantly reduced its debt to $75 million in the first half of 2023, compared to $143 million at the end of June 2022. The company has also managed to cut overall costs and expenses. However, its revenue in the first half of this year was lower than the same period last year.
In the first six months of 2023, Argo Blockchain reported a pretax loss of $18.6 million, a 61% decrease compared to the $47.9 million loss in 2022. The company’s debt reduction is another notable improvement, with it reducing from $143 million in the first half of 2022 to $75 million by the end of June 2023. Argo Blockchain also trimmed operating costs and expenses by 33%, while non-mining operating costs and expenses fell by 21% in the second quarter compared to the first quarter of 2023.
However, Argo Blockchain’s revenue remained stagnant at $24 million in the first half of 2023, compared to $34.6 million in the same period in 2022. The company attributed this decline to the falling value of bitcoin in USD and the increasing global hash rate. Bitcoin’s mining difficulty reached an all-time high, and it is expected to rise further in September.
Matthew Shaw, Argo Blockchain’s Chairman, commented on the financial results, stating that the company will focus on strengthening its balance sheet and growing the business with a strong emphasis on financial discipline and operational excellence for the remainder of 2023.
Argo Blockchain faced challenges during the bear Market, primarily due to the declining price of bitcoin. In June 2022, the company sold more BTC than it produced to cope with the market conditions and repay its loan agreement with Galaxy Digital. It also sold some of its machinery to stabilize its balance sheet and avoid bankruptcy. Additionally, Argo Blockchain failed to secure a multi-million fundraiser, leading to a price crash for its shares.
The company has also faced legal battles, with investors accusing it of breaching federal securities law during the IPO of its American depositary shares (ADS) in 2021. The company issued approximately 7.5 million stocks initially valued at $15 each, but the prices have since significantly declined. Furthermore, Argo Blockchain saw its CFO and CEO departing in February.
Despite these challenges, Argo Blockchain remains committed to its mission of powering the world’s most innovative and sustainable blockchain infrastructure. The company aims to strengthen its balance sheet and achieve operational excellence in the next stage of its Development..
#Argo #Blockchain #Reduces #Debt #Costs #Revenue #Takes #Hit #Report
In the first six months of 2023, Argo Blockchain reported a pretax loss of $18.6 million, a 61% decrease compared to the $47.9 million loss in 2022. The company’s debt reduction is another notable improvement, with it reducing from $143 million in the first half of 2022 to $75 million by the end of June 2023. Argo Blockchain also trimmed operating costs and expenses by 33%, while non-mining operating costs and expenses fell by 21% in the second quarter compared to the first quarter of 2023.
However, Argo Blockchain’s revenue remained stagnant at $24 million in the first half of 2023, compared to $34.6 million in the same period in 2022. The company attributed this decline to the falling value of bitcoin in USD and the increasing global hash rate. Bitcoin’s mining difficulty reached an all-time high, and it is expected to rise further in September.
Matthew Shaw, Argo Blockchain’s Chairman, commented on the financial results, stating that the company will focus on strengthening its balance sheet and growing the business with a strong emphasis on financial discipline and operational excellence for the remainder of 2023.
Argo Blockchain faced challenges during the bear Market, primarily due to the declining price of bitcoin. In June 2022, the company sold more BTC than it produced to cope with the market conditions and repay its loan agreement with Galaxy Digital. It also sold some of its machinery to stabilize its balance sheet and avoid bankruptcy. Additionally, Argo Blockchain failed to secure a multi-million fundraiser, leading to a price crash for its shares.
The company has also faced legal battles, with investors accusing it of breaching federal securities law during the IPO of its American depositary shares (ADS) in 2021. The company issued approximately 7.5 million stocks initially valued at $15 each, but the prices have since significantly declined. Furthermore, Argo Blockchain saw its CFO and CEO departing in February.
Despite these challenges, Argo Blockchain remains committed to its mission of powering the world’s most innovative and sustainable blockchain infrastructure. The company aims to strengthen its balance sheet and achieve operational excellence in the next stage of its Development..
#Argo #Blockchain #Reduces #Debt #Costs #Revenue #Takes #Hit #Report
