Foresight News: Argo Blockchain, a Nasdaq-listed mining company, has released its interim financial results for the period ending June 30, 2023. The report shows that due to the decline in Bitcoin prices and increased mining difficulty, Argo Blockchain's revenue for the first half of 2023 was $24 million, a 31% decrease compared to the first half of 2022. The net loss for H1 2023 was $18.8 million, while the net loss for H1 2022 was $39.6 million.
As of June 2023, the company's balance sheet had $9.1 million in cash and 46 BTC or Bitcoin equivalents. In the first half of 2023, Argo Blockchain mined a total of 947 Bitcoins and Bitcoin equivalents.
Argo Blockchain also disclosed potential performance highlights for the future, including:
1. Deployment of 1,242 BlockMiners at the Quebec mining site to increase total computing power capacity to 2.6 EH/s (with an additional 1,628 mining machines to be deployed in the coming months, raising total computing power capacity to 2.8 EH/s);
2. As of July 2023, the company's debt balance was $72 million;
3. Currently engaged in in-depth discussions regarding the sale of certain non-core assets and continuing to evaluate further debt reduction plans.
