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Tether's Q2 2024 attestation reveals a record $5.2 billion profit in the first half of 2024, highest-ever treasury bill ownership, and almost $12 billion in consolidated equity. (Read More)
Fireblocks collaborates with TRES Finance to streamline Web3 accounting and financial reporting, offering automated solutions to meet regulatory demands. (Read More)
ArgoBlockchain (LSE: ARB; NASDAQ: ARBK), a cryptocurrency mining company, hasreleased its 2023 financial results, revealing a year marked by strategicadjustments amidst industry challenges. However, despite achieving a modestgross profit, net income was negative for another consecutive year.
Argo Blockchain Tried toWeather Crypto Storm, Cuts Debt by 63% in 2023
The companymined 1,760 Bitcoin throughout the year, averaging 4.8 Bitcoin per day, despitefacing increased global hashrate and network difficulty.
Annualrevenues reached $50.6 million, a decline of 14% from the previous year, as themining margin decreased to 43% from 54% in 2022. However, Argo made significantstrides in optimizing its operations, increasing its hash rate by 0.3 EH/sthrough the introduction of ePIC BlockMiners at its Quebec facilities andgenerating $7.2 million in power credits through strategic energy curtailmentat the Helios location.
The companyreported a net loss of $35 million for 2023, a substantial improvement fromthe $229 million loss in 2022. This was largely due to a reduction of 49% ininterest expenses, achieved through debt management efforts. By year-end, Argohad reduced its debt owed to Galaxy Digital to$23.5 million, with a total debt standing at $66.2 million.
"Despitea turbulent market, we have worked hard to strengthen our balance sheet andreduce Argo's debt burden by $22 million, or 63%, and improve our cashpositions, commented Thomas Chippas, the CEO of Argo.
In early2024, Argo successfully raised $9.9 million through a share placement withinstitutional investors and sold its Mirabel, Quebecdata center for $6.1 million, using the proceeds to reduce debt further.Preliminary Q1 2024 results show continued growth, with 319 Bitcoin mined andrevenues nearing $17 million.
Mining OperationsPost-Halving
As thecryptocurrency industry continues to evolve after the recent halving, Argo Blockchain remains focused on navigating challenges,optimizing operations, and positioning itself for long-term success in thecompetitive mining landscape.
We exitedthe Bitcoin halving with a stronger balance sheet and leaner operations, and weare optimistic about the ongoing growth and development of Argo with a clearobjective of delivering shareholder value, Chippas added.
However, the newoperating environment is not easy. After the fourth halving, Bitcoin recently underwent its initial difficulty adjustment, experiencing a rise of 1.99% and elevating the mining difficulty to a new record. The networksdifficulty level increased from 86.39 trillion to 88.10 trillion.
This article was written by Damian Chmiel at www.financemagnates.com.
Bitcoin firm, Bakkt announced its Q3 performance report with a loss of $1.5B impairment loss (Read More)
Voyager Digital (TSX: VOYG), a crypto trading platform, released its revenue and user metrics for the quarter that ended 31 March 2022.
The supply chain tracking project has a comfortable cushion in its Foundation treasury, but expenditures were very low through the first quarter of 2022.
BitNile Holdings, Inc, a Bitcoin mining firm based in Las Vegas, has published a report on its Bitcoin production and miner installation.
BitNile Holdings, Inc, a Bitcoin mining firm based in Las Vegas, has published a report on its Bitcoin production and miner installation.
Coinbase's Q3 financial data revealed that the total net income and the earnings per share owned by shareholders were lower than what analysts had expected. (Read More)
The CEO of PayPal Holdings, Daniel Schulman announced that they launched a new dedicated business segment to initiate the crypto arm. Schulman made it public during PayPal’s earnings call on last Wednesday. He further said that they will focus much of their resources on blockchain...
The post PayPal to Launch a Dedicated Crypto Arm appeared first on Bitcoin FT.
In earlyDecember, the first cryptocurrency company made its debut on the Abu Dhabistock market, receiving a warm welcome from investors. Two months later, PhoenixGroup UAE, specializing in the mining of cryptocurrency assets, published its2023 report. Despite a significant drop in revenue, it achieved anincrease in net profit.
Phoenix Announces 2023Results: Revenues Down, Profits Up
Theunaudited preliminary results released this week show that the digital assetminer significantly increased the value of its assets compared to 2022, growingfrom $230 million to $834 million.
Althoughrevenues for 2023 were almost three times lower than in 2022, dropping to$288 million, the company improved its operating profit, which grew 50% to$208 million. The net profit for the reported period was nearly $221 million, withearnings per share modestly increasing from $0.03 reported in 2022 to $0.04.
But, wheredid such a significant jump in profit come from, with a very strong limitationof revenues? We looked for information on this in the company itself. Itsrepresentatives stated this was due to a "one-time contract," which distorted the company's expected cash flows.
"Wesaw significant organic growth of 20% beyond that outlier, demonstrating thestrength of our core business," the company commented in an e-mailedstatement to Finance Magnates. "This is further reflected in ourimpressive year-on-year growth in key areas such as self-mining which saw anincrease of 480%."
The Phoenix soars in 2023! Phoenix published its earnings report boasting an increase of 50% in net earnings.Stay tuned for even more impressive results in 2024Check it out here:https://t.co/WFc7JhgczH pic.twitter.com/bbJac3RMuq
Phoenix Group (@phoenixgroupuae) February 15, 2024The companyalso mentions an increase of 119% in hosting service revenues in the report. Thiswas made possible by establishing cooperation with "high-net-worth individuals,"creators of mining equipment and power supply companies.
"Oursuccess has been impressive, but 2024 promises to be trulytransformative," said Seyed Mohammad Alizadehfard (Bijan), the Co-Founderand CEO of Phoenix. "With ambitious plans and an unwavering commitment toexcellence, the group is poised to redefine success, not just in the UAE, buton a global scale."
Earlierthis year, the company announced that it had entered into an agreementwith Bitmain, a manufacturer of cryptocurrency miners, to purchase machines formining cryptocurrencies. The deal was valued at $187 million.
Shareholders Show Lack ofOptimism
Althoughthe Phoenix Group UAE IPO was met with a warm reception from shareholders andthe company raised $370 million, it has been on a downward trend since then.From the highs reached on December 8, shares lost about 20% to Wednesday'sminimums (tested after the publication of the report).
Thecompany's representatives claim that the decline in valuation may be caused by"various factors." However, they remain convinced of the"long-term growth prospects based on strong financials and strategicpartnerships."
The company's IPO came at a time when other publicly listed firms in the digital asset mining sector were starting to transition their machines away from crypto mining and towards providing computing power for the artificial intelligence industry instead. In 2022, total revenues for the cryptocurrency mining industry dropped to $6 billion, a significant drop from the all-time high of $12 billion generated in 2021.
We willhave to wait until March for the full and audited results of the company whenwe will learn the exact structure of revenues, costs and the condition of theenterprise. As Phoenix claims, the report "will further demonstrate theunderlying value" of the company.
This article was written by Damian Chmiel at www.financemagnates.com.
Of the funds, 82.5% were held in ADA tokens, 10.1% in Bitcoin, and the rest were in US dollars.
VeChain releases its combined Q2-Q3 2024 financial report, showcasing treasury performance, strategic initiatives, and future growth prospects amid regulatory developments. (Read More)
Tether Holdings Limited announces $13 billion in profits for 2024, with record U.S. Treasury holdings and a substantial reserve buffer, according to their latest attestation report. (Read More)
The US-based cryptocurrency exchange Coinbase reduced its net loss to USD $97 million in the second quarter from USD $1.1 billion in the same period of last year. However, the company's net revenue declined 17% year-over-year to USD $663 million during the period.
Coinbase has attributed the improved performance to a reduction in expenses that resulted from the company operating more efficiently. The company's operating expenses declined 1% quarter-over-quarter to USD $664 million. Additionally, the exchange reduced its staff by 30% year-over-year.
Improving EBITDA
Besides that, Coinbase posted an adjusted EBITDA of USD $194 million, an improvement from a negative EBITDA of USD $151 million reported in the second quarter of 2022. However, the EBITDA reported in the period declined 31% quarter-over-quarter from USD $284 million.
Coinbase's total revenue from subscription and services more than doubled year-over-year to USD $335 million in the second quarter. The revenue from the consumer segment was USD $310 million, which compares to USD $17 million from the institutional segment.
Following the results, Coinbase is projecting its subscription and services revenue to be at least USD $300 million in the third quarter. Additionally, the company expects its technology and development, general, and administrative expenses to range between USD $575-625 million in the next quarter.
Coinbase's Future Prospects
"In Q2, we made further progress toward this bold goal such as expanded access to derivatives products to customers outside the US, being selected by many leading asset managers to provide critical infrastructure underpinning their proposed spot Bitcoin exchange-traded funds (ETFs) products," the exchange stated.
Finance Magnates reported last month that the American derivatives and securities exchange network, Cboe Global Markets, had entered into a Surveillance Sharing Agreement (SSA) with Coinbase for the spot Bitcoin ETFs filed on behalf of asset managers, Fidelity, VanEck, WisdomTree, and Invesco.
On top of that, Coinbase highlighted the regulatory challenges it faces in the US related to the lawsuit filed by the regulator, in the report. Coinbase is planning to file a motion seeking the dismissal of the case, which accuses it of operating an unregistered trading platform and offering unregistered securities.
This article was written by Jared Kirui at www.financemagnates.com.World Crypto Global opens the door to digital freedom for everyone.
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