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Argo Blockchain's half-year 2023 financials show a remarkable decrease in net losses and debt amidst market challenges. With a net loss of $18.8 million, the results display a sharp rebound from the previous year's $39.6 million deficit.
One key aspect highlighted by the blockchain mining company is reducing its debt by $4 million, bringing the total debt to $75 million. The company has successfully cut its debt by $68 million since June 2022, when it owed $143 million.
Regarding revenue, Argo Blockchain experienced a 31% decline in the first half of 2023 compared to the same period in 2022. The decrease is attributed to the decline in the value of Bitcoin, as well as the global hash rate increase and associated network difficulty. Despite the market challenges, Argo Blockchain mined 947 BTC, representing a modest 1% increase from 2022. Notably, the global hash rate witnessed an impressive 78% surge in 2023.
As of June 2023, Argo Blockchain's balance sheets reveal $9.1 million in cash holdings and 46 BTC. The company secured $7.5 million in gross proceeds through a share placement in July 2022, catering to institutional and retail investors.
While Argo Blockchain faced potential bankruptcy in late 2022, its half-year results for 2023 demonstrate a renewed focus on growth and sustainability. The company aims to expand its total hash rate capacity to 2.8 exahashes per second (EH/s) by deploying 1,628 BlockMiners at its Quebec-based mining facilities.
Moreover, Argo Blockchain is actively exploring options to reduce its overall debt, including selling certain non-core assets. The board chairman, Matthew Shaw, emphasized the positive impact of a strategic partnership with Galaxy Digital, with Argo Blockchain selling its Helios mining facility and property for $65 million in December 2022.
This sale and a refinanced loan with Galaxy reduced the company's total indebtedness by $41 million and simplified its operating structure.
Argo Blockchain acknowledges the importance of maintaining a fleet of over 27,000 miners, including 23,600 Bitmain S19J Pro miners operating at the Helios site through an ongoing hosting agreement with Galaxy.
Photo: Krzysztof Hepner/Unsplash
