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Argo Blockchain, a player in the cryptocurrency mining industry, has managed to cut its net losses by over half in the first six months of 2023, compared to the same period the previous year. Financial documents reveal the firm had net losses of $18.8 million this year, a sharp contrast to the $39.6 million loss in the first half of 2022.
The data also shows that the company has slashed its outstanding debt to $75 million this year, down from $143 million in June of 2022. Argo achieved this by reducing its debt by $4 million in 2023 alone, and by an overall $68 million since last year.
Despite the reduced losses and debt, Argo saw its revenue dip by 31% compared to the first half of 2022, earning $24 million by mid-2023. The company attributes this decrease in part to a fall in Bitcoin value and a rising global hash rate that made mining more difficult.
In terms of Bitcoin mining activity, Argo revealed that it had mined 947 BTC in the first six months of this year. While this marks only a 1% increase compared to the first half of 2022, the company is operating in an environment where the global hash rate rose by a significant 79%.
Financial statements for June 2023 show that Argo had $9.1 million in cash and owned 46 BTC. The company boosted its financials in the second half of this year by generating $7.5 million through the sale of shares to both retail and institutional investors in July 2022.
Argo's leadership mentioned that after narrowly avoiding bankruptcy last year, they now intend to augment their total hash rate capacity to 2.8 exahashes per second by adding 1,628 BlockMiners to their mining operations in Quebec.
As part of its strategy to further manage debt, the company disclosed that it was in the late stages of negotiations to offload certain "non-core assets."
Peter Wall, former CEO of Argo, stepped down from his role after the closure of the Galaxy deal.
