CryptoMediaClub
Tuesday, July 29, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

Argo Blockchain Reduces Debt and Overall Costs, Revenue Takes a Hit (Report)

04.09.2023
A A
0
126
VIEWS
ShareShare

The leading cryptocurrency miner – Argo Blockchain – has reportedly decreased its debt to $75 million during the first half of the year. In comparison, it owed $143 million at the end of June 2022.

The company also managed to reduce overall costs and expenses. However, revenue in H1 was significantly less than the one registered in the first half of last year.

The H1 Results

As reported by London South East, Argo Blockchain’s pretax loss for the first six months of 2023 equaled $18.6 million, 61% less than the $47.9 million marked throughout 2022.

Another major improvement is the debt reduction: from $143 million in H1 2022 to $75 million as of the end of June this year.

The crypto miner also trimmed operating costs and expenses by 33%, while non-mining operating costs and expenses fell by 21% in Q2 compared to the first three months of 2023.

Argo’s revenue failed to go up, stopping at $24 million as of the end of H1. In comparison, this figure was $34.6 million at the same time in 2022.

The company said this downtrend resulted from bitcoin’s falling USD valuation and increased global hash rate. As CryptoPotato reported last week, BTC’s mining difficulty surged to an all-time high of 55.62 trillion hashes, whereas it can surpass 62 trillion hashes in September.

Commenting on the recent financial results was Argo Blockchain’s Chairman – Matthew Shaw:

“For the remainder of 2023, the company will continue to focus on strengthening the balance sheet and growing the business with a strong emphasis on financial discipline and operational excellence. I am excited for Argo to continue its mission of powering the world’s most innovative and sustainable blockchain infrastructure in this next stage of the company’s development.”

Argo’s Turbulence During the Bear Market

The prolonged crypto winter, more specifically, the declining price of bitcoin, affected the operations of the mining firm. In June last year, it sold more BTC than it produced to cope with the market conditions and repay its loan agreement with Galaxy Digital.

The company continued to struggle in the following months and parted with some of its machinery to stabilize its balance sheet. It also failed to secure a multi-million fundraiser, which led to a price crash for its shares.

Argo Blockchain’s attempt to avoid filing for bankruptcy protection included selling its Helios facility to Mike Novogratz’s Galaxy Digital. The $65 million deal aimed at bringing fresh capital and reducing the miner’s indebtedness.

Several investors launched a legal battle against Argo Blockchain at the beginning of the year, accusing it of breaching federal securities law during the IPO of its American depositary shares (ADS) in 2021. The company issued approximately 7.5 million stocks at the time, initially valued at $15 each. Nonetheless, the prices have slumped considerably since then.

Last but not least, the crypto miner saw its CFO Alex Appleton and CEO Peter Wall departing in February.

SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

Share10Tweet6ShareSharePin2

Related Posts

BNB ($BNB) Bulls Charge Ahead to $843, Can Institutional Momentum Push It Higher?
All news

BNB ($BNB) Bulls Charge Ahead to $843, Can Institutional Momentum Push It Higher?

28.07.2025
0

BNB ($BNB) rocketed 6.2% to $843 in 24 hours, but parabolic rallies rarely last. As institutional money floods in and...

Read moreDetails
Bitcoin Market Cycles and BTC Rallies Are Outdated

Bitcoin Market Cycles and BTC Rallies Are Outdated

28.07.2025
Bitcoin Price Prediction: Global Firms Pour $86B Into BTC – Could This Trigger a New “Institutional Supercycle”?

Bitcoin Price Prediction: Global Firms Pour $86B Into BTC – Could This Trigger a New “Institutional Supercycle”?

28.07.2025
Vietnam Launches National Blockchain Platform for Data Verification

Vietnam Launches National Blockchain Platform for Data Verification

28.07.2025
Meme Coin Supercycle? DOGE Price Up 50%, BONK 150%, FLOKI 80%

Meme Coin Supercycle? DOGE Price Up 50%, BONK 150%, FLOKI 80%

28.07.2025
Load More
Next Post
Gala Games GALA Token Price Dips 10% Amidst Theft Lawsuit

Gala Games GALA Token Price Dips 10% Amidst Theft Lawsuit

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Ethereum Foundation reveals spending after speculation over massive transfer

Ethereum Foundation reveals spending after speculation over massive transfer

11 months ago
Bitcoin hash rate resumes uptrend – poised to retest 400 TH/s ATH

Bitcoin hash rate resumes uptrend – poised to retest 400 TH/s ATH

2 years ago
NFT project y00ts to return $3M grant as it ditches Polygon for Ethereum

NFT project y00ts to return $3M grant as it ditches Polygon for Ethereum

2 years ago
Polymarket bettors forecast 75% chance Bitcoin reaches $120k in 2025 as prediction volume jumps 30%

Polymarket bettors forecast 75% chance Bitcoin reaches $120k in 2025 as prediction volume jumps 30%

3 weeks ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Bitcoin Price Prediction: Global Firms Pour $86B Into BTC – Could This Trigger a New “Institutional Supercycle”?

Vietnam Launches National Blockchain Platform for Data Verification

Meme Coin Supercycle? DOGE Price Up 50%, BONK 150%, FLOKI 80%

Over 99% of Banking Transactions in Australia Conducted Online

One-Click Cloud Mining: PAXMINING Opens Doors for XRP & Digital Asset Users

Senate Democrats Question Housing Agency Over Crypto in Mortgage Plans

Trending

Bitcoin steadies near $114,800 but fragility risk rises as leverage climbs
Analysis

Bitcoin steadies near $114,800 but fragility risk rises as leverage climbs

29.07.2025
0

Bitcoin (BTC) rebounded from a local low near $114,800, closing last week about 2.1% higher at $119,580...

BNB ($BNB) Bulls Charge Ahead to $843, Can Institutional Momentum Push It Higher?

BNB ($BNB) Bulls Charge Ahead to $843, Can Institutional Momentum Push It Higher?

28.07.2025
Bitcoin Market Cycles and BTC Rallies Are Outdated

Bitcoin Market Cycles and BTC Rallies Are Outdated

28.07.2025
Bitcoin Price Prediction: Global Firms Pour $86B Into BTC – Could This Trigger a New “Institutional Supercycle”?

Bitcoin Price Prediction: Global Firms Pour $86B Into BTC – Could This Trigger a New “Institutional Supercycle”?

28.07.2025
Vietnam Launches National Blockchain Platform for Data Verification

Vietnam Launches National Blockchain Platform for Data Verification

28.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz