Cryptocurrency Miner Argo Blockchain H1 Revenue Tumbles 31% On Lower Bitcoin Price
Portfolio Pulse from Lekha Gupta
Argo Blockchain PLC's H1 2023 revenue declined by 31% Y/Y to $24.0 million due to lower Bitcoin price and higher global hashrate. The company reported an EPS loss of $(0.03), narrower than $(0.08) a year ago. ARBK achieved a mining margin of 42%, higher than 33% in H2 FY22. The company generated power credits of around $1.1 million in Q2 2023 and expects to generate more in Q3. ARBK raised $7.5 million through a share placement post Q2 and used a portion to repay around $1.8 million in debt.
August 29, 2023 | 10:37 am
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Argo Blockchain's H1 2023 revenue declined by 31% due to lower Bitcoin price and higher global hashrate. The company expects to generate more power credits in Q3 and has raised $7.5 million through a share placement post Q2.
The decline in Argo Blockchain's revenue is due to the lower Bitcoin price and higher global hashrate, which could negatively impact the company's profitability. However, the company's efforts to generate more power credits and raise funds through share placement could help mitigate some of these challenges.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100