Argo Q3 Revenue Clouded by Net Loss, Despite Cost Cuts

In the
latest financial report, Argo Blockchain plc (LSE: ARGO), a publicly-listed cryptocurrency
mining company, detailed a period of mixed financial results for Q3 2023. The
company implemented strategic measures that led to improved operational
efficiency and cost reductions despite enduring a net loss over the same
period.

Argo
Blockchain capitalized on economic curtailment strategies at its Helios
facility to accrue $4.4 million in power credits against high electricity
prices, contributing to a mining margin increase to 58% in Q3 from 36% in Q2
2023.

Moreover,
the company reduced the average direct cost per Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term (BTC) mined
by 33%, from $17,566 to $11,736. The firm also reported an 11% reduction in
recurring non-mining operating expenses and a positive Adjusted EBITDA of $3.1
million for the quarter, with a nine-month tally of $5.4 million.