Crypto Updates

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

Blockchain capitalized on economic curtailment strategies at its Helios
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

the company reduced the average direct cost per Bitcoin (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.

“I am
pleased with Argo’s operating and financial performance during the third
quarter,” Seif El-Bakly, the interim Chief Executive Officer at Argo, said.
“The ability of our mining machines to curtail operations at Helios…

Click Here to Read the Full Original Article at CryptoCurrency – Finance Magnates | Financial and business news…