Argo Blockchain Mines More but Earns Less in H1 2023: Reports $18.8M Net Loss

<p>The recent
Argo Blockchain financial report presents a mixed bag, with the company making
strides in reducing operational costs and debt but facing a decline in
revenue and net loss. The publicly-listed firm’s results for the first half
of 2023 show what problems the mining industry centered around Bitcoin (BTC)
and other cryptocurrencies is currently facing.</p><p>Argo Blockchain Reduces
Debt and Costs</p><p>Argo
Blockchain managed to cut its non-mining operational costs 21% in Q2 2023, compared to the previous quarter. This led to a positive
Adjusted EBITDA of $1 million for Q2 and $2.3 million for H1 2023. Additionally,
the company reduced its debt by $4 million during the quarter, reducing it to $75 million as of 30 June. It marked a significant drop from $143 million a
year ago.</p><p>However,
this does not change the fact that adjusted EBITDA in the same period a year
earlier was much higher at nearly $18 million.</p><p>Mining, Revenues and Net
Loss</p><p>The company
mined 947 <a href="https://www.financemagnates.com/terms/b/bitcoin/">Bitcoin</a> and Bitcoin Equivalent (BTC) during the H1 2023,
marking an increase of 1% over the same period last year.</p><p>"During
H1 2023, the Company achieved a mining margin of 42%, which is an increase from
the mining margin in H2 2022 of 33%," the company commented in the
official statement.</p><p>However,
this achievement was overshadowed by a revenue decrease of 31%, totaling $24
million for H1 2023. The decline was primarily due to a drop in Bitcoin prices
and an increase in global hashrate, which made mining more competitive. In H1
2022, revenues ranked at $34.6 million.</p><blockquote><p lang="en" dir="ltr">New RNS: Argo has released its H1 2023 financials and Q2 2023 update: