Argo Blockchain PLC Announces 2024 Interim Results

Argo Blockchain PLC has published its interim results for the first half of 2024, revealing a revenue increase of 18% to $29.3 million, despite a 46% drop in Bitcoin mined compared to H1 2023. The higher revenue is attributed to an increase in Bitcoin price.

Operating efficiencies were noted, with a mining margin of $11.5 million or 39%. The company also managed to reduce its Galaxy loan significantly from $23.5 million to $5.3 million, fully repaying it in August. However, Argo recorded a net loss of $32.7 million for H1 2024, up from $18.6 million in H1 2023.

Significant financial activities during this period included raising $9.9 million through share issuance and selling a data center for $6.1 million. These steps aim to improve Argo's financial health by reducing non-mining operating expenses and deleveraging the balance sheet.

The company continues to focus on long-term strategic investments, supported by recent financings and operational adjustments. Cash reserves stood at $4.0 million with 11 Bitcoin equivalent by the end of June 2024.