Mining company Argo Blockchain posted a net loss of $18.8 million in the first half of the year and reduced its debt to $75 million.
At the end of June 2022, the company’s debt was $143 million.
In July 2023, the firm raised $7.5 million through an additional share issue. These funds allowed to reduce the debt to $72 million.
In the first six months of the year, Argo generated $24 million in revenue, down 31% year-over-year. The company explained this by a fall in the price of bitcoin and an increase in the complexity of mining.
The company mined 947 BTC in six months. A 1% increase in production and a 21% reduction in operating expenses more than halved losses that were $39.6 million a year ago.
Argo has improved its mining profitability to 42% from 33% in the first half of 2022. One of the factors was the conclusion of an agreement to purchase electricity at a fixed price at the Helios facility in Texas. In the second quarter, the firm received $1.1 million in payouts from the ISP for network demand balancing.
The company ended the half year with $9.1 million in accounts and 46 BTC in balance.
Argo’s hash rate increased to 2.6 EH/s over the period with the deployment of 1,242 BlockMiner installations at its own facility in Quebec. The launch of an additional 1628 miners in the coming months will increase the firm’s capacity to around 2.8 EH/s.
Recall that at the end of 2022, the company received a net loss of $ 240 million.
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