Argo Blockchain's profit margin fell to 8% in Q3 2024, down from 58% last year, mainly due to absent energy credits. The company mined 123 BTC, resulting in a net loss of $6.3 million. Argo plans to diversify operations and utilize AI to improve profitability.
Argo Blockchain mined 37 bitcoins in September 2024, generating $2.2 million in revenue, highlighting steady production in the Bitcoin mining sector.
Bitcoin miner revenues fell drastically to $828 million in August 2024, a 57% drop from March's $1.93 billion. The downturn is due to increased mining difficulty, lower transaction fees, and stagnant Bitcoin prices. Major miners like Argo Blockchain and HIVE Digital Technologies also reported lower Bitcoin production.
Argo Blockchain achieved an 18% revenue increase in the first half of 2024 despite a 46% drop in Bitcoin mined. The company generated $29.3 million and paid off $35 million in debt.
Argo Blockchain reports 18% revenue increase in H1 2024 despite a 46% drop in Bitcoin mining due to rising global hashrate and lower prices. The company hit $29.3M in revenue but faced a net loss of $32.7M. Debt to Galaxy Digital was reduced, boosting financial stability.
Marathon Digital and other Bitcoin mining stocks experience significant declines as volatility in the cryptocurrency market continues.
Argo Blockchain repays a $35M loan to Galaxy Digital, boosting its Bitcoin mining capacity amid past bankruptcy concerns due to the 2022 bear market.
Bitcoin miner Argo Blockchain repaid a $35 million loan to Galaxy Digital, borrowed in 2022 to avoid bankruptcy during a crypto bear market. CEO Thomas Chippas highlighted the significant achievement without impacting the company's hashrate.
Argo Blockchain repaid a $35 million loan to Galaxy Digital, avoiding bankruptcy after selling its Helios facility and refinancing its debt in December 2022.
Bitcoin Miner Argo Blockchain reports steady performance in July 2024, mining 48 BTC and generating $3 million in revenue.
Bitcoin miner Argo Blockchain secures $8.3 million through a private placement with an institutional investor.
Bitcoin mining profitability rose in June, helped by a Bitcoin price increase and network hashrate drop. Jefferies noted a modest recovery post-halving and revised price targets for key mining companies. U.S. miners produced more Bitcoin, with Marathon Digital leading in hashrate.
The market cap of U.S.-listed Bitcoin mining stocks reached a record $22.8 billion in June, driven by Core Scientific's standout performance. Despite a 3% drop in Bitcoin, mining stocks surged due to positive investor reactions and declining network hashrate, reinforcing confidence in the industry's long-term potential.
Argo Blockchain, Stronghold Digital, and Bit Digital reduced their hashrate following Bitcoin's recent halving event. This led to significant drops in their mining output. Meanwhile, companies like HIVE, Cipher, and Core Scientific also reported declines but continued upgrading their hardware.
Bitcoin miner Argo repays $35M bailout loan from Galaxy Digital, saved from bankruptcy during 2022 crypto winter.
