According to CryptoPotato, Argo Blockchain, a leading cryptocurrency miner, has reduced its debt to $75 million during the first half of the year, compared to $143 million at the end of June 2022. The company also managed to reduce overall costs and expenses, but its H1 revenue was significantly lower than the same period last year.

Argo Blockchain's pretax loss for the first six months of 2023 was $18.6 million, 61% less than the $47.9 million recorded in 2022. The company also trimmed operating costs and expenses by 33%, while non-mining operating costs and expenses fell by 21% in Q2 compared to the first three months of 2023.

However, Argo's revenue failed to increase, stopping at $24 million at the end of H1, compared to $34.6 million at the same time in 2022. The company attributed this downtrend to bitcoin's falling USD valuation and increased global hash rate.

Argo Blockchain has faced challenges during the prolonged crypto winter, including selling more BTC than it produced to cope with market conditions and repay its loan agreement with Galaxy Digital. The company also struggled in the following months, parting with some of its machinery to stabilize its balance sheet and failing to secure a multi-million fundraiser, which led to a price crash for its shares.

Argo Blockchain's attempt to avoid filing for bankruptcy protection included selling its Helios facility to Mike Novogratz's Galaxy Digital for $65 million, aiming to bring fresh capital and reduce the miner's indebtedness. Several investors launched a legal battle against Argo Blockchain at the beginning of the year, accusing it of breaching federal securities law during the IPO of its American depositary shares (ADS) in 2021.