Argo

Galaxy

Bitcoin

<p>Argo Blockchain, a publicly-listed Bitcoin miner on NASDAQ and LSE, reported an 18% revenue increase in the first half of 2024, despite a 46% drop in Bitcoin mined due to rising global hashrate and declining hash price. The company generated $29.3 million in revenue, up from the same period last year, showcasing resilience in a challenging market. However, Argo’s net loss deepened to $32.7 million, primarily due to loan repayments and a $22 million impairment on mining machines, according to <a href="https://www.financemagnates.com/cryptocurrency/this-wall-street-bitcoin-company-mines-revenue-despite-bitcoin-drought/" rel="noopener noreferrer nofollow">Financemagnates.com</a>.</p>
<p>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 the 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.</p>

Argo Blockchain Posts Revenue Growth Despite Bitcoin Mining Drop

Ultramining_Eng

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