London-listed bitcoin miner Argo Blockchain PLC (LSE: ARB, OTCQX: ARBKF, NASDAQ: ARBK, ETR: 0XP) witnessed a slight rise in its bitcoin and its equivalent mining yield for H1 2023. The company mined a total of 947 coins, marking a 1% increment from H1 2022.
The broader cryptocurrency sector’s challenging conditions curbed the firm’s further expansion.
From June 30, 2022, to June 30, 2023, the worldwide bitcoin hashrate – which quantifies the combined computational strength employed in bitcoin mining and transaction processing – escalated by 78%. This upswing often implies intensified miner rivalry and potential increments in network complexity.
For H1 2023, Argo Blockchain recorded revenues of $24.0 million, a significant 31% decrease from H1 2022. This decline is mainly attributed to the diminishing bitcoin value, coupled with the aforementioned rise in the global hashrate and network challenges.
To enhance its efficiency, Argo Blockchain introduced specific measures, successfully cutting its non-mining operational expenditures by 21% in Q2 2023, relative to the preceding quarter. Consequently, Argo posted positive earnings of $1 million in Q2, culminating in $2.3 million for H1.
The firm registered net losses of $18.8 million in H1 2023, a notable improvement from the $39.6 million loss in H1 2022.
As of the end of June, Argo’s financials included $9.1 million in cash and holdings of 46 bitcoin or its equivalent on its ledger.
