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Ripples final edition of the XRP Markets Report, published for Q1 2025, marks the end of an era. Since 2017, the report has served as a beacon of transparency in the crypto industry. However, Ripple announced its decision to retire the publication in its current form starting Q2 2025. The move follows years of scrutiny, […]
ArgoBlockchain, a publicly-listed cryptocurrency mining company, announced itsunaudited financial results for the first quarter of 2024, which showed animprovement compared to the same period last year. The company reported arevenue of $16.8 million, a 4% increase from the previous quarter, and athreefold reduction in net loss to $3.2 million. Compared to last year, revenues grew by almost 50%.
Argo Blockchain Reports BetterQ1 2024 Performance, Reduces Debt
The companysuccessfully increased its mining margin to $6.4 million from the $5.2 millionreported the previous year, resulting in a gross profit of $1.9 millioncompared to a loss in Q1 2023.
Argo mineda total of 319 Bitcoin (BTC) during the quarter, averaging 3.5 BTC per day,with the adjusted EBITDA for the quarter standing at $3.8 million.
However,the company did not achieve an operating profit or net income, althoughreported losses were significantly reduced. In the first three months of theprevious year, the firm incurred losses of over $9.1 million, but in 2024, thiswas reduced to nearly $3.2 million, a threefold decrease.
Argo Blockchain mines 319 BTC in Q1UK-based cryptocurrency mining company Argo Blockchain announced that it mined 319 BTC in the first quarter. The company reported Q1 revenue of $16.8 million with $12.4 million in cash.
CoinNess Global (@CoinnessGL) May 23, 2024Despite the ongoing market volatility, Argo Blockchain also managed to reduce its debt by $12.4 million during the quarter, representing a 19% reduction from the balance at the end of 2023.
We exitedthe Bitcoin halving with cash of over $12 million, Q1 debt reduction of over$12 million and streamlined Quebec operations resulting from the sale ofMirabel, commented Thomas Chippas, the Chief Executive Officer of Argo, said. Weare enthusiastic about Argo's future growth and development and are dedicatedto delivering value to our shareholders."
Argo Reduced Losses in2023
Last month,the company reported its full-year results for 2023, revealing a year ofstrategic adjustments amid industry challenges. Although it achieved a modestgross profit, the net income remained negative for another year. However, thecompany was able to reduce its losses by 85%.
During thesame period, it announced the sale of its data center in Mirabel, Canada.
In March, the firm entered into an agreement to sell its Mirabel, Quebec data center for $6.1 million. It also released its monthly mining output figures, which indicated a 21% month-on-month decrease in daily Bitcoin production. The company's London branch finalized this transaction a few weeks later whilesimultaneously issuing over 460,000 new ordinary shares.
Argo is adual-listed company with shares available on the London Stock Exchange (LSE)under the ticker ARB and NASDAQ under the ticker ARBK.
This article was written by Damian Chmiel at www.financemagnates.com.
Blocks first-quarter 2024 results beat Wall Street analyst estimates on earnings and revenue which saw its share price surge after the bell.
In a spectacular turn of events, Hedera, the renowned public distributed ledger, demonstrated a robust surge in activity throughout the
New DappRadar report provides wide-ranging insights into the performance of the crypto and Web3 space throughout Q1 of 2022.
The first quarter of 2022 has come to an end and specific digital currency markets have seen a lot of action during the last three months. Out of the top ten digital currencies, terra (LUNA) saw the biggest gains, jumping more than 43% higher against the U.S. dollar in Q1. Out of the top 30… More
The post A Look at the First Quarter’s Top Performing Cryptocurrencies in 2022 appeared first on BTC Ethereum Crypto Currency Blog.
Despite macroeconomic headwinds, a Galaxy Research report says activity could rebound in the second quarter of 2023 following recent crypto price increases.
Ethers price may see an imminent breakout against Bitcoin based on Ethers correlation with the four-year Bitcoin halving cycle.
Argo Blockchain (LSE: ARB; NASDAQ: ARBK), a major cryptocurrency mining company, recently shared its unaudited financial results for Q1 2023. Although the report showed notable improvements in revenue, cash reserves, and cost reductions, the company could not achieve a positive net result.
Argo Blockchain Boosts Revenues in Q1 2023
Argo Blockchain ended the first quarter with a substantial balance of $14.2 million in cash and 85 Bitcoin or Bitcoin Equivalents (BTC) in its reserves. The company reported a revenue increase of 15% from Q4 2022, totaling $11.4 million. Despite a net loss of $8.7 million, Argo Blockchain demonstrated resilience by achieving an adjusted EBITDA of $1.6 million.
Throughout the quarter, Argo Blockchain displayed consistent mining performance, mining an average of 5.3 BTC per day, totaling 491 BTC. Mining margins for the quarter improved significantly to 49%, which is up from 35% in Q4 2022.
New RNS: Argo released its Q1 2023 earnings today:+Cash of $14m at the end of March+Q1 revenue of $11m (up 15% from Q4'22)+Mining margin of 49% (up from 35% in Q4'22)+Reduced opex by 70% from H2'22+BlockMiners to add 300 PH/sRNS: https://t.co/OjBHf7KGyq#ARB$ARBK#BTC
— Argo (@ArgoBlockchain) June 6, 2023"The Argo team is moving ahead with a focus on financial discipline, operational excellence, and growth and strategic partnerships," Seif El-Bakly, the Interim Chief Executive Officer of Argo, said. "To support these initiatives, we recently strengthened our finance team and appointed Jim MacCallum, CPA, CFA, as Chief Financial Officer."
MacCallum, a Certified Public Accountant and Chartered Financial Analyst brings over 30 years of experience in finance and accounting roles.
Two months ago, the publicly-listed miner published its financials for 2022, ending the year with a revenue of £47.4 million ($58.6 million), which is a decrease of 36%. The company posted a net loss of £194.2 million ($240.2 million) for 2022, driven by the declining value of cryptocurrencies.
Argo Blockchain Cuts Costs
Additionally, Argo Blockchain achieved substantial cost reductions in Q1 2023. Operating costs and expenses dropped 70% compared to the average in the second half of 2022, and finance costs fell 63% in the same period.
When it comes to financial discipline, Argo Blockchain has adopted a more scrutinizing approach toward all operating expenses, implementing a stringent internal process targeted explicitly at minimizing non-mining costs. The result of this disciplined approach is a notable 70% reduction in expenses as compared to 2022. In addition to this, the company is actively considering different strategies to fortify its balance sheet.
During Q1, Argo successfully transitioned the Helios facility to Galaxy Digital, and the overall cost for power and hosting was lower than previously forecasted. The decision to sell the mining plant was revealed in December and saved the company from potential bankruptcy filling.
Looking ahead, Argo plans to install 'BlockMiner' machines at its Quebec facilities later this year. They are expected to increase the company's total hash rate to approximately 2.8 EH/s.
The previous year was particularly hard for the mining companies, as their revenues fell 37.5% to $9.55 billion. Overall, BTC miners made $6 billion less than in 2022.
This article was written by Damian Chmiel at www.financemagnates.com.
The Coinbase CEO has a lot of faith in Congress in making a “clear rule book” for crypto firms to follow. But the SEC? Not so much.
According to a report by blockchain security firm Immunefi, BNB Chain saw 73.3% of all rug pull scams in the crypto ecosystem during Q1 2023. The report also revealed that BNB Chain and Ethereum were the two largest targets for hackers and scammers, with 68.8% of total losses from these networks combined. (Read More)
Following the acquisition of First Republic Bank by JPMorgan Chase, several regional banks such as Pacwest and Western Alliance experienced a significant drop in their stock prices. On Tuesday afternoon, all four major U.S. benchmark stock indexes are in decline as regional bank stocks hit new lows. Banking Industry on Edge as Pacwest Shares Sink [...]
The post Pacwest Stock Plummets Over 35% Following Release of Q1 Earnings Report Amidst Turmoil in Banking Industry appeared first on Crypto Breaking News.
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