Argo Blockchain, a publicly-listed Bitcoin miner on NASDAQ and LSE, reported an 18% increase in revenue in the first half of 2024. This achievement came despite a significant drop in Bitcoin mined.
Argo Blockchain Financial Metrics
Argo Blockchain reported $29.3 million in revenue for the first half of 2024, up 18% compared to the same period last year. This growth was achieved despite a 46% drop in Bitcoin mined due to rising global hashrate and declining hash price. However, the company’s net loss deepened to $32.7 million, primarily due to loan repayments and a $22 million impairment on mining machines.
Debt Reduction and Capital Raising
Argo significantly reduced its debt, paying off $35 million owed to Galaxy Digital by August. Additionally, the company raised $9.9 million through a share issuance and $8.3 million in a private placement, greatly strengthening its financial position.
Future Plans
Despite market difficulties, Argo’s operational efficiency positions the company for future growth. The company plans to leverage its improved balance sheet to explore strategic investments that could drive long-term shareholder value.
Argo Blockchain continues to demonstrate resilience and preparedness for future growth through its financial strategy and operational efficiency. The company’s future investments promise to further strengthen its position in the cryptocurrency market.
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