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 (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.
🚨Argo’s Q3 2023 results are out!🚨
Highlights:
🔸$4.4m in power credits from curtailment in TX
🔸Grew Adj. EBITDA by 185% to $3.1m
🔸58% mining margin
🔸Reduced debt by $5m
🔸Increased total hashrate capacity by 12% to 2.8 EH/sFull RNS: https://t.co/sPpRBKozIZ#ARB $ARBK
— Argo (@ArgoBlockchain) November 14, 2023
“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…