Argo Blockchain Wins First Half Of 2023 With Debt Halving

Key Points:

• Argo Blockchain cuts H1 2023 losses by 50% to $18.8 million, showing resilience amid challenges.
• Argo has reduced debt by $68 million to $75 million since June 2022 as revenues dipped 31%.
• Argo mines 947 Bitcoins in H1 2023, holds $9.1 million in cash and 46 Bitcoins, and recently raised $7.5 million in capital.

Argo Blockchain, a prominent encryption mining company, has revealed its mid-year financial report for 2023, showcasing a substantial reduction in net losses.

The company reported a net loss of $18.8 million in the first half of the year, marking a significant decrease of over 50% from the $39.6 million loss recorded during the same period in 2022.

Argo Blockchain also announced a notable achievement in debt reduction, with a $4 million decrease in debt during 2023, leading to a total debt of $75 million. This achievement follows a remarkable reduction of $68 million from the $143 million debt the company owed in June 2022.

The company’s revenues for the first half of 2023 stood at $24 million, reflecting a 31% decline compared to the same period in 2022. This dip in revenues was attributed to the lower valuation of Bitcoin, coupled with the global increase in computing power and the resulting network difficulty.

Despite the challenging market conditions and heightened competition in the mining sector, Argo Blockchain managed to mine a total of 947 Bitcoins during the initial half of the year, representing a modest 1% increase from the BTC mined in the corresponding period of 2022.

Remarkably, 2023 witnessed a substantial 78% surge in global computing power.

As of June 2023, Argo Blockchain’s balance sheet displayed $9.1 million in cash holdings along with 46 Bitcoins. The company further bolstered its financial standing by raising $7.5 million through a share placement in July 2023, aimed at institutional and retail investors.

Argo Blockchain’s performance in the first half of 2023 showcases its resilience in the face of market challenges, with strategic debt reduction and controlled operational expenses contributing to the company’s progress.

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