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.
Cambodia Arrests Tycoon Tied to DOJ’s Record $15B Bitcoin Seizure, Extradites Him to China
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
In this video, we take an in-depth look at @Exness , a global multi-asset broker operating since 2008, known for fast withdrawals, flexible account types, and strong regulatory coverage across multiple regions.
We break down Exness’s regulatory framework, supported trading platforms including MetaTrader 4, MetaTrader 5, Exness Terminal, and the Exness Trade App, as well as available account types such as Standard, Pro, Zero, and Raw Spread.
You’ll also learn about Exness’s leverage options, fees and commissions, swap-free trading, available instruments across forex, commodities, indices, stocks, and cryptocurrencies, and what traders can expect in terms of execution, funding speed, and customer support.
Watch the full review to see whether Exness aligns with your trading goals and strategy.
👉 Explore Exness’s full broker listing on the Finance Magnates Directory:
https://directory.financemagnates.com/multi-asset-brokers/exness/
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
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🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Exness #ExnessReview #Forex #FinanceMagnates #ForexBroker #BrokerReview #CFDTrading #OnlineTrading #MarketInsights
In this video, we take an in-depth look at @Exness , a global multi-asset broker operating since 2008, known for fast withdrawals, flexible account types, and strong regulatory coverage across multiple regions.
We break down Exness’s regulatory framework, supported trading platforms including MetaTrader 4, MetaTrader 5, Exness Terminal, and the Exness Trade App, as well as available account types such as Standard, Pro, Zero, and Raw Spread.
You’ll also learn about Exness’s leverage options, fees and commissions, swap-free trading, available instruments across forex, commodities, indices, stocks, and cryptocurrencies, and what traders can expect in terms of execution, funding speed, and customer support.
Watch the full review to see whether Exness aligns with your trading goals and strategy.
👉 Explore Exness’s full broker listing on the Finance Magnates Directory:
https://directory.financemagnates.com/multi-asset-brokers/exness/
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Exness #ExnessReview #Forex #FinanceMagnates #ForexBroker #BrokerReview #CFDTrading #OnlineTrading #MarketInsights
