Crypto Miner Argo's Strategy Pay Off in Q1 2024 with Reduced Losses

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.

Despite 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.

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