The
publicly-listed Bitcoin (BTC) miner from Wall Street (NASDAQ: ARBK) and London
Stock Exchange (LSE: ARB), Argo Blockchain, announced today (Wednesday) its
interim results for the first half of 2024. The company reported an 18%
increase in revenue to $29.3 million compared to the same period last year, achieving
growth despite the Bitcoin halving event and a significant decrease in the
number of Bitcoin mined.
The
London-based firm mined 507 Bitcoin during the first six months of 2024, a 46%
decrease from the 947 Bitcoin mined in the first half of 2023. This reduction
was primarily attributed to
the increase in global hashrate and the decline in Bitcoin-denominated hash
price.
Thomas Chippas, Argo. Source: LinkedIn
“Argo’s
focus on financial discipline and operational efficiency enabled us to pay off
our $35 million debt obligation to Galaxy, significantly deleveraging our
balance sheet,” Thomas Chippas, CEO of Argo Blockchain , commented on the
results. “This positions us well to explore investing in growth and strategic
initiatives that can drive long-term value for our shareholders.”
Argo’s
mining margin stood at $11.5 million, or 39%, for the first half of 2024,
compared to $10.2 million, or 42%, for the same period in 2023. The company
reported a net loss of $32.7 million, widening from an $18.6 million loss in
the first half of the previous year. However, adjusted EBITDA improved to…
