Argo Blockchain Achieves Debt Reduction and Lowers Net Losses in H1 2023
Summary:
Crypto mining company Argo Blockchain reduces debt and reports lower net losses in H1 2023. Revenues decline due to Bitcoin value and global hashrate fluctuations. Argo plans to expand hashrate capacity and explore options to reduce debt. Former CEO resigns after deal with Galaxy for Helios facility.
Crypto mining company Argo Blockchain has reported a decrease in net losses and a reduction in debt in its half-year financial results for 2023. The company's net losses stood at $18.8 million, down over 50% from $39.6 million in the same period last year. Argo has managed to decrease its debt by $4 million, bringing the total to $75 million, after reducing it by $68 million since June 2022. Revenues have also dropped by 31% compared to H1 2022, with the company generating $24 million amidst a decline in Bitcoin value and an increase in global hashrate. Argo mined a total of 947 Bitcoin in the first half of 2023, representing only a 1% increase from the previous year. The company currently holds $9.1 million in cash and 46 BTC. Argo plans to expand its hashrate capacity by deploying 1,628 BlockMiners to its mining facilities in Quebec. It is also exploring options to reduce its debt, including the sale of non-core assets. Earlier this year, the company entered into a series of transactions with Galaxy Digital that resulted in a reduction of total indebtedness by $41 million. Argo's ability to maintain a fleet of over 27,000 miners remains integral to its operations. Former CEO Peter Wall resigned from the company after finalizing a deal with Galaxy for the sale of the Helios mining facility.
Published At
8/29/2023 9:09:01 AM
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