Although the number of mined cryptos fell almost 50%, Argo Blockchain reported an 18% revenue increase in H1 2024.
However, the net loss was further deepened by loan repayments and impairment on mining rigs.
The
publicly-listed Bitcoin (BTC) miner from Wall Street (NASDAQ: ARBK) and London
Stock Exchange (LSE: ARB), Argo Blockchain, announced today (Wednesday) its
interim results for the first half of 2024. The company reported an 18%
increase in revenue to $29.3 million compared to the same period last year, achieving
growth despite the Bitcoin halving event and a significant decrease in the
number of Bitcoin mined.
Argo Blockchain Reports
18% Revenue Growth in First Half 2024 despite Bitcoin Halving
The
London-based firm mined 507 Bitcoin during the first six months of 2024, a 46%
decrease from the 947 Bitcoin mined in the first half of 2023. This reduction
was primarily attributed to
the increase in global hashrate and the decline in Bitcoin-denominated hash
price.
Thomas Chippas, Argo. Source: LinkedIn
“Argo's
focus on financial discipline and operational efficiency enabled us to pay off
our $35 million debt obligation to Galaxy, significantly deleveraging our
balance sheet,” Thomas Chippas, CEO of Argo Blockchain, commented on the
results. “This positions us well to explore investing in growth and strategic
initiatives that can drive long-term value for our shareholders.”
Argo's
mining margin stood at $11.5 million, or 39%, for the first half of 2024,
compared to $10.2 million, or 42%, for the same period in 2023. The company
reported a net loss of $32.7 million, widening from an $18.6 million loss in
the first half of the previous year. However, adjusted EBITDA improved to $5.7
million from $2.8 million year-over-year.
The
deepened loss is, however, the effect of recent moves to strengthen the company’s
balance sheet. Argo reduced its loan from Galaxy Digital from $23.5 million at
the beginning of the year to $5.3 million by June 30, 2024. The company
subsequently announced that it had fully
repaid the Galaxy loan in August.
Not only
Argo, but other publicly listed miners are also experiencing
a “halving hangover.” According to the latest report from VanEck,
cryptocurrency miners' revenues have declined by another 12%, marking another
consecutive month of negative response to the reduced rewards for mined BTC blocks.
What Else Does the Report
Reveal?
The company
also reported several strategic moves during the period, including raising $9.9
million through a share issuance in January and selling
its five-megawatt data center in Mirabel, Quebec, for $6.1 million in
March. Argo expects the consolidation of its operations to reduce non-mining
operating expenses by $0.7 million annually.
Despite
these positive developments, Argo recorded a $22 million impairment on its
mining machines, reflecting current challenging market conditions in the
cryptocurrency mining sector.
The
publicly-listed Bitcoin (BTC) miner from Wall Street (NASDAQ: ARBK) and London
Stock Exchange (LSE: ARB), Argo Blockchain, announced today (Wednesday) its
interim results for the first half of 2024. The company reported an 18%
increase in revenue to $29.3 million compared to the same period last year, achieving
growth despite the Bitcoin halving event and a significant decrease in the
number of Bitcoin mined.
Argo Blockchain Reports
18% Revenue Growth in First Half 2024 despite Bitcoin Halving
The
London-based firm mined 507 Bitcoin during the first six months of 2024, a 46%
decrease from the 947 Bitcoin mined in the first half of 2023. This reduction
was primarily attributed to
the increase in global hashrate and the decline in Bitcoin-denominated hash
price.
Thomas Chippas, Argo. Source: LinkedIn
“Argo's
focus on financial discipline and operational efficiency enabled us to pay off
our $35 million debt obligation to Galaxy, significantly deleveraging our
balance sheet,” Thomas Chippas, CEO of Argo Blockchain, commented on the
results. “This positions us well to explore investing in growth and strategic
initiatives that can drive long-term value for our shareholders.”
Argo's
mining margin stood at $11.5 million, or 39%, for the first half of 2024,
compared to $10.2 million, or 42%, for the same period in 2023. The company
reported a net loss of $32.7 million, widening from an $18.6 million loss in
the first half of the previous year. However, adjusted EBITDA improved to $5.7
million from $2.8 million year-over-year.
The
deepened loss is, however, the effect of recent moves to strengthen the company’s
balance sheet. Argo reduced its loan from Galaxy Digital from $23.5 million at
the beginning of the year to $5.3 million by June 30, 2024. The company
subsequently announced that it had fully
repaid the Galaxy loan in August.
Not only
Argo, but other publicly listed miners are also experiencing
a “halving hangover.” According to the latest report from VanEck,
cryptocurrency miners' revenues have declined by another 12%, marking another
consecutive month of negative response to the reduced rewards for mined BTC blocks.
What Else Does the Report
Reveal?
The company
also reported several strategic moves during the period, including raising $9.9
million through a share issuance in January and selling
its five-megawatt data center in Mirabel, Quebec, for $6.1 million in
March. Argo expects the consolidation of its operations to reduce non-mining
operating expenses by $0.7 million annually.
Despite
these positive developments, Argo recorded a $22 million impairment on its
mining machines, reflecting current challenging market conditions in the
cryptocurrency mining sector.
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.
From Chat to Stock: xStocks Puts Tokenized U.S. Equities Inside TON Wallet on Telegram
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
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
