Argo Blockchain Plc (GB:ARB) has released an update.
Argo Blockchain plc, a leader in cryptocurrency mining, has reported a mixed financial performance for the year ending December 31, 2023. Despite mining 1,760 Bitcoin, the company saw a 14% revenue decrease to $50.6 million due to increased global hashrate and network difficulty. They also reported a net loss of $35.0 million, an improvement from the previous year’s $229.0 million loss. Argo achieved a 58% reduction in non-mining operating costs and generated $7.2 million in power credits, reflecting its strategic efforts to optimize operations and strengthen its balance sheet.
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