June 2023 sees a decrease in Argo’s Bitcoin mining to 139 BTC.
The firm's revenue also fell, but enhancements to mining capacity are underway.
The London and
NASDAQ-listed miner, Argo Blockchain has revealed a drop in monthly Bitcoin
(BTC) production and revenue. Despite these setbacks, Argo is enhancing its
total hash rate capacity and signals a stronger outlook for the future.
Argo Blockchain’s Bitcoin
Production Falls in June
June’s
decline is attributed to increased network difficulty and a scale-down of
operations at the Helios facility in Texas. While this curtailment limited the
number of Bitcoin mined, Argo anticipates additional cash inflows from specific
power trading activities that Helios' operator previously undertook.
The
Company's revenue in June totalled $3.84 million, marking a drop of 19% from
May 2023's figure of $4.75 million.
Despite
declining production and revenue over the past month, ARGO shares on Wall
Street are at relatively high levels. The company tested the April highs during
yesterday’s (Tuesday’s) session, closing the day at almost $30 per share.
Source: Yahoo Finance
Enhancements to Hash Rate Capacity
As noted on 30
June, Argo held 44 BTC. The firm maintained its total hash rate capacity at 2.5
EH/s and began to equip its Quebec facilities with new BlockMiner machines.
Once fully operational, these machines are projected to boost the company's
total hash rate capacity by 12%, raising it to roughly 2.8 EH/s.
Despite the
short-term challenges reflected in the report in June, the company's efforts to
bolster its mining capacity underline a strategic response to an increasingly
competitive cryptocurrency mining landscape.
Cryptocurrency Winter Hurt
the Company
Unaudited
financial results for the first quarter of 2023 from Argo Blockchain were
published last month. Argo reported a significant boost in revenue in Q1 2023,
which saw an increase of 15% from the fourth quarter of 2022, totalling $11.4
million. Regardless of this growth and an adjusted EBITDA of $1.6 million, the
company sustained a net loss of $8.7 million.
What is
more, the company's 2022 financials revealed a contrasting picture. The
publicly-listed mining firm reported a year-end revenue of $58.6 million,
marking a substantial decline of 36%. The year saw the company suffering a net
loss of $240.2 million. This situation is primarily influenced by the falling value of
cryptocurrencies.
As you can see from the chart below, 2022 was a challenging year overall for Bitcoin miners. After a record-breaking 2021, they earned $6 billion less, which was mainly due to the ever-increasing difficulty of mining.
Argo appears to be regaining stability even with the
adverse net results. Despite the threat
of bankruptcy, a decisive agreement with Galaxy Digital Holdings Ltd., a
finance company with expertise in digital assets, successfully averted the
impending closure and set Argo back on track.
The London and
NASDAQ-listed miner, Argo Blockchain has revealed a drop in monthly Bitcoin
(BTC) production and revenue. Despite these setbacks, Argo is enhancing its
total hash rate capacity and signals a stronger outlook for the future.
Argo Blockchain’s Bitcoin
Production Falls in June
June’s
decline is attributed to increased network difficulty and a scale-down of
operations at the Helios facility in Texas. While this curtailment limited the
number of Bitcoin mined, Argo anticipates additional cash inflows from specific
power trading activities that Helios' operator previously undertook.
The
Company's revenue in June totalled $3.84 million, marking a drop of 19% from
May 2023's figure of $4.75 million.
Despite
declining production and revenue over the past month, ARGO shares on Wall
Street are at relatively high levels. The company tested the April highs during
yesterday’s (Tuesday’s) session, closing the day at almost $30 per share.
Source: Yahoo Finance
Enhancements to Hash Rate Capacity
As noted on 30
June, Argo held 44 BTC. The firm maintained its total hash rate capacity at 2.5
EH/s and began to equip its Quebec facilities with new BlockMiner machines.
Once fully operational, these machines are projected to boost the company's
total hash rate capacity by 12%, raising it to roughly 2.8 EH/s.
Despite the
short-term challenges reflected in the report in June, the company's efforts to
bolster its mining capacity underline a strategic response to an increasingly
competitive cryptocurrency mining landscape.
Cryptocurrency Winter Hurt
the Company
Unaudited
financial results for the first quarter of 2023 from Argo Blockchain were
published last month. Argo reported a significant boost in revenue in Q1 2023,
which saw an increase of 15% from the fourth quarter of 2022, totalling $11.4
million. Regardless of this growth and an adjusted EBITDA of $1.6 million, the
company sustained a net loss of $8.7 million.
What is
more, the company's 2022 financials revealed a contrasting picture. The
publicly-listed mining firm reported a year-end revenue of $58.6 million,
marking a substantial decline of 36%. The year saw the company suffering a net
loss of $240.2 million. This situation is primarily influenced by the falling value of
cryptocurrencies.
As you can see from the chart below, 2022 was a challenging year overall for Bitcoin miners. After a record-breaking 2021, they earned $6 billion less, which was mainly due to the ever-increasing difficulty of mining.
Argo appears to be regaining stability even with the
adverse net results. Despite the threat
of bankruptcy, a decisive agreement with Galaxy Digital Holdings Ltd., a
finance company with expertise in digital assets, successfully averted the
impending closure and set Argo back on track.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Dormant Silk Road-Linked Crypto Wallets Come Back to Life With $3M in Bitcoin Transfers
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
Vitalii Bulynin Talks About Versus Trade, New Pairs, and Big Plans
Vitalii Bulynin Talks About Versus Trade, New Pairs, and Big Plans
In this interview, Versus Trade Co-Founder Vitalii Bulynin explains how the company got its license fast, why its trading pairs are fresh and fun, and what the team will build next.
He also discusses the most active pairs, the IB and MIB plans, and hiring needs for new markets.
Watch the whole talk to learn more about how Versus Trade works and where it is heading.
#financemagnates #VersusTrade #TradingPairs #BTCvsGold #goldtrading #innovation
In this interview, Versus Trade Co-Founder Vitalii Bulynin explains how the company got its license fast, why its trading pairs are fresh and fun, and what the team will build next.
He also discusses the most active pairs, the IB and MIB plans, and hiring needs for new markets.
Watch the whole talk to learn more about how Versus Trade works and where it is heading.
#financemagnates #VersusTrade #TradingPairs #BTCvsGold #goldtrading #innovation
Marketing in 2026 Audiences, Costs, and Smarter AI
Marketing in 2026 Audiences, Costs, and Smarter AI
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Fail Better Trading Tech to Tackle Industry Risks
Fail Better Trading Tech to Tackle Industry Risks
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
