Argo Blockchain Q3 Revenue Clouded by Net Loss, despite Cost Cuts

<p>In the
latest financial report, Argo Blockchain plc (LSE: <a href="https://www.financemagnates.com/tag/argo/" target="_blank" rel="follow">ARGO</a>), 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 notwithstanding a net loss over the same
period.</p><p>Q3 Performance Uptick for
Argo Blockchain amidst Market Challenges</p><p>Argo
Blockchain capitalized on economic <a href="https://www.financemagnates.com/cryptocurrency/mike-novogratzs-galaxy-saves-bitcoin-miner-argo-from-bankruptcy/" target="_blank" rel="follow">curtailment strategies at its Helios
facility</a> 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. </p><p>Moreover,
the company reduced the average direct cost per <a href="https://www.financemagnates.com/terms/b/bitcoin/">Bitcoin</a> (BTC) mined
by 33%, from $17,566 to $11,736. The firm also reported a reduction of 11% 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.</p><blockquote><p lang="en" dir="ltr">