Argo Blockchain Reduces its Debt to $72M
In the first half of 2023, mining firm Argo Blockchain reported a net loss of $18.8 million and lowered their debt from $143 million at the end of June 2022 to $75 million.
They raised $7.5 million in July 2023 through an additional share issue which further helped decrease their debt to $72 million.
Revenue in that period was $24 million, which was a 31% decrease compared to the year prior.
This decline was a result of a drop in the price of Bitcoin as well as an increase in mining complexity, however, thanks to a 1% rise in production and a 21% decrease in operational expenses, their losses were halved from $39.6 million in the same period a year before.
With 42% mining profitability, up from 33% in the first half of 2022, Argo was again able to increase their hash rate to 2.6 EH/s from the usage of 1242 BlockMiner installations.
With the launch of 1,628 additional miners in the coming months, the company estimates a hash rate of 2.8 EH/s.
At the end of the six-month period they had $9.1 million in accounts and 46 BTC in balance.
