{"id":109673,"title":"Argo Blockchain (LON:ARB) reports modest growth in bitcoin mining output","publisher":"Share Talk","author":"sharetalk","published":"2023-08-29T09:07:30+00:00","modified":"2023-08-29T09:07:30+00:00","canonical_url":"https://www.share-talk.com/argo-blockchain-lonarb-reports-modest-growth-in-bitcoin-mining-output/","markdown_url":"https://www.share-talk.com/argo-blockchain-lonarb-reports-modest-growth-in-bitcoin-mining-output.md","json_url":"https://www.share-talk.com/argo-blockchain-lonarb-reports-modest-growth-in-bitcoin-mining-output.json","category":"Fintech","categories":["Fintech"],"tags":["Alex Appleton","ARB","Argo Blockchain","Bitcoin","Bitmain Antminer","BTC","china","Colleen Sullivan","cryptocurrency","Jonathan Dickson","Maria Perrella","MCAP Markets LLC","mined","miner","mining facility","NASDAQ","OTC Markets Group","OTCQX","PETER WALL","Sarah Gow","US investors","USA","West Texas"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"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.\n\nThe broader cryptocurrency sector’s challenging conditions curbed the firm’s further expansion.\n\nFrom 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.\n\nFor 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.\n\nTo 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.\n\nThe firm registered net losses of $18.8 million in H1 2023, a notable improvement from the $39.6 million loss in H1 2022.\n\nAs 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."}