Argo
Blockchain, a publicly-listed cryptocurrency mining company, announced its
unaudited financial results for the first quarter of 2024, which showed an
improvement compared to the same period last year. The company reported a
revenue of $16.8 million, a 4% increase from the previous quarter, and a
threefold reduction in net loss to $3.2 million. Compared to last year, revenues grew by almost 50%.
The company
successfully increased its mining margin to $6.4 million from the $5.2 million
reported the previous year, resulting in a gross profit of $1.9 million
compared to a loss in Q1 2023.
Argo mined
a total of 319 Bitcoin (BTC) during the quarter, averaging 3.5 BTC per day,
with the adjusted EBITDA for the quarter standing at $3.8 million.
However,
the company did not achieve an operating profit or net income, although
reported losses were significantly reduced. In the first three months of the
previous year, the firm incurred losses of over $9.1 million, but in 2024, this
was reduced to nearly $3.2 million, a threefold decrease.
Argo Blockchain mines 319 BTC in Q1
UK-based cryptocurrency mining company Argo Blockchain announced that it mined 319 BTC in the first quarter. The company reported Q1 revenue of $16.8 million with $12.4 million in cash.
— CoinNess Global (@CoinnessGL) May 23, 2024
Despite the ongoing market volatility, Argo Blockchain also managed to reduce its debt by $12.4…
