Argo Blockchain, a publicly-listed Bitcoin miner on NASDAQ and LSE, reported an 18% revenue increase in the first half of 2024. This achievement came despite a 46% drop in Bitcoin mined due to rising global hashrate and declining hash price. The company generated $29.3 million in revenue, showcasing resilience in a challenging market.
However, Argo's net loss deepened to $32.7 million, largely due to loan repayments and a $22 million impairment on mining machines. The company reduced its debt significantly, paying off $35 million owed to Galaxy Digital by August.
Argo also raised $9.9 million through a share issuance and $8.3 million in a private placement, bolstering its financial position. Despite market difficulties, Argo's operational efficiency has positioned it for future growth. The company plans to leverage its improved balance sheet to explore strategic investments that could drive long-term shareholder value.
