Argo Blockchain, the leading cryptocurrency miner, has managed to reduce its debt to $75 million during the first half of 2023, a significant decrease from the $143 million it owed 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 pretax loss for the first six months of 2023 equaled $18.6 million, 61% less than the $47.9 million marked throughout 2022. Operating costs and expenses were trimmed by 33%, while non-mining operating costs and expenses fell by 21% in Q2 compared to the first three months of 2023. Revenue for the first half of the year was $24 million, compared to $34.6 million at the same time in 2022.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.At the beginning of the year, the company’s CFO Alex Appleton and CEO Peter Wall departed. Argo Blockchain’s Chairman Matthew Shaw commented on the recent financial results, saying that 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.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Matthew Shaw, Peter Wall, None, Mike Novogratz, Alex Appleton |
| Companies | Galaxy Digital, CryptoPotato, Binance, Argo Blockchain, London South East |
| Currencies | Ethereum, Bitcoin |
| Securities | None |
