Argo records $18.8m net loss despite increased mining efforts
Despite trimming debt and operational expenses, Argo Blockchain posted a net loss of over $18 million in H1 2023, records show. Argo Blockchain, a leading crypto mining company (LSE: ARB; NASDAQ: ARBK), has released its performance report for the first half of 2023. According to the report, in Q2 2023, Argo Blockchain decreased its non- mining operational costs and expenditures by 21% from the prior quarter, yielding a positive Adjusted EBITDA of $1.0 million for the quarter ($2.3 million for H1 2023). While its revenue dropped by 31%, the company achieved a 1% growth in its Bitcoin (BTC) mining operations during that period. The company’s debt was reduced by $4 million in the quarter, resulting in a cumulative debt decrease of $68 million from June 2022 to June 2023. The firm noted that it generated a revenue of $24.0 million in H1 2023, representing a 31% decrease from H1 2022. Argo attributes its revenue decline to the fall in the price of Bitcoin and the surge in glob...