Cryptocurrency mining company Argo's mid-year financial report: Net loss of $18.8 million in the first half of 2023, company debt reduced by $4 million

ChainCatcher news, according to Cointelegraph, the mid-year financial report of the crypto mining company Argo Blockchain shows a net loss of $18.8 million for the first half of 2023, which is more than a 50% decrease from the net loss of $39.6 million in the same period last year. Argo pointed out that by mid-2023, the company's debt had decreased by $4 million, with a total debt of $75 million.

By mid-2023, Argo's net revenue was $24 million, which is related to the decline in Bitcoin value, the increase in global hash rate, and the associated network difficulty. Argo reported that it mined a total of 947 Bitcoins in the first half of this year, which is only a 1% increase compared to the BTC mined in the same period of 2022. As of June 2023, Argo's balance sheet showed its cash holdings of $9.1 million and 46 Bitcoins.