Argo Blockchain (GB:ARB) has released an update.
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Argo Blockchain PLC reported an 18% revenue increase to $29.3 million in the first half of 2024, despite mining 46% fewer bitcoins than the previous year, attributing the growth to higher Bitcoin prices. The company successfully reduced its debt, repaying a $35 million Galaxy loan ahead of schedule, while also recording a $22 million impairment on its mining equipment due to challenging Bitcoin mining economics. Despite a net loss of $32.7 million, Argo focused on financial discipline and operational efficiency, leading to a consolidation of operations expected to save $0.7 million annually.
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