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.
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.
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.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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