Argo Blockchain has published its 2022 financial reports, revealing losses ahead of what was a bear market in 2022's Q4 that saw Bitcoin dip.
Argo Blockchain (ARB), the only cryptocurrency miner listed in the United Kingdom, suffered a loss for the whole year in 2022 due to the declining price of Bitcoin and the increasing difficulty of mining, which drove up expenses. According to a statement released by the corporation, the London-based business had a net loss of 194.2 million British pounds ($240 million). In comparison, the previous year, it had a net gain of 30.8 million pounds. Throughout 2017, the price of Bitcoin fell by more than sixty percent.
After agreeing with Galaxy Digital to sell its Helios mining operation in Dickens Country, Texas, for $65 million, the firm could avoid filing for protection under bankruptcy laws. Additionally, it successfully negotiated a new $35 million loan from the cryptocurrency-focused financial services company owned by investor Michael Novogratz. The company’s mining equipment secures this loan.
Despite this, El-Bakly, the company’s interim chief executive officer, claims that things are looking up for the cryptocurrency mining company.
Argo has emerged stronger and in a much more stable financial position due to successfully navigating adverse market circumstances in both the crypto industry and the global economy in the second half of 2022, according to interim CEO Seif El-Bakly.
Having successfully navigated the challenging market conditions in both the cryptocurrency sector and the global economy in the second half of 2022.
The rapid decline in the value of crypto assets brought on by the failure of the FTX exchange in 2022 caused a considerable bear market that year, which had a profound impact on a great number of crypto businesses. Nevertheless, during the first quarter of 2023, crypto assets have demonstrated tremendous growth, with many assets recovering losses sustained in earlier periods.