The recent
Argo Blockchain financial report presents a mixed bag, with the company making
strides in reducing operational costs and debt, but also facing a decline in
revenue and a net loss. The publicly-listed firm’s results for the first half
of 2023 show what problems the mining industry centered around Bitcoin (BTC)
and other cryptocurrencies is currently facing.
Argo
Blockchain managed to cut its non-mining operational costs by 21% in the second
quarter of 2023, compared to the previous quarter. This led to a positive
Adjusted EBITDA of $1 million for Q2 and $2.3 million for H1 2023. Additionally,
the company reduced its debt by $4 million during the quarter, bringing it down
to $75 million as of 30 June. It marked a significant drop from $143 million a
year ago.
However,
this does not change the fact that adjusted EBITDA in the same period a year
earlier was much higher at nearly $18 million.
Source: Argo Blockchain
Mining, Revenues and Net
Loss
The company
mined 947 Bitcoin and Bitcoin Equivalent (BTC) during the first half of 2023,
marking an increase of 1% over the same period last year.
“During
H1 2023, the Company achieved a mining margin of 42%, which is an increase from
the mining margin in H2 2022 of 33%,” the…
