The crypto mining company, Argo Blockchain has released its half year financial results for 2023 which emphasizes a drastic decrease in the company’s debt.
The announcement post highlights that it has mined 947 BTC in this period and a mining margin of 42%. The company ended its H1 2023 (June, 2023) with $9.1 million of cash and 46 BTC in the balance sheet.
In the report, Argo claims that it has reduced non-mining operating cost and expenses to 21% in the second quarter (Q2) of 2023 which eventually resulted in a positive adjusted EBITDA for the quarter.
It has also reduced its debt to $75 million by cutting $4 million during Q2. With this, the company’s total debt of $143 million has seen a total deduction of $68 million at 30 June, 2023.
Argo Blockchain is placed among Top 10 Bitcoin miners and has been active into the industry since 2017. It is a publicly traded company listed on London Stock Exchange (LSE) as well as listed on NASDAQ following an IPO in August 2021.
Equipped with latest mining machines, Argo has mined a total of 947 BTC during the H1 2023 and generated a revenue of $24 million. It says that revenue decreased 31% compared to H1 2022 due to decrease in BTC price and massive increment in Bitcoin’s hashrate.
With adding 1,242 new BlockMiner machines at Quebec mining facility, it increased total hashrate capacity to 2.6 EH/s. It expects to deploy additional 1,628 BlockMiners in coming months which will raise the hashrate capacity to 2.8 EH/s.
In July 2023, Argo raised $7.5 million funding from institutional and retail investors in the UK, from which it repaid a portion of debt. According to the report, Argo is also in discussion to sell its non-core assets along with seeking other options to reduce the debt.
Also Read: Bitcoin Mining Difficulty Jumps 6% Despite Dip In BTC Price
