The Argo Blockchain PLC (LON: ARB) share price fell 3.83% after releasing its interim results for the six months that ended 30 June 2023. The company generated revenues worth $24.0 million during H1 2023, marking a 31% decline from the figures generated in H1 2022.
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The company attributed its lower revenues to a decrease in Bitcoin prices and an increase in the global hashrate and associated network difficulty. The firm noted that it had reduced its non-mining operating costs and expenses by 21% in Q2 2023 compared to Q1, triggering a positive adjusted pretax profit of $1.0 million.
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Argo also reduced its overall debt by $4 million during Q2, lowering it to $75 million as of 30 June 2023. The amount represents a $68 million decline from the $143 million total debt the company had as of 30 June 2022.
The company mined 947 Bitcoin and Bitcoin Equivalent (BTC), marking a 1% increase from H1 2022 despite a 78% increase in the global hashrate from 30 June 2022 to 30 June 2023. The firm’s net loss also fell to $18.8 million for H1 2023 versus the $39.6 million loss recorded in H1 2022.
Argo Blockchain had $9.1 million in cash and 46 BTC on its balance sheet as of 30 June 2023. However, the company later raised $7.5 million in gross proceeds through a share placement in July 2023.
The firm also increased its total hashrate capacity to 2.6 EH/s after deploying 1,242 BlockMiner machines at its mining facilities in Quebec. The company intends to deploy another 1,628 BlockMiners in the coming months.
Matthew Shaw, Argo Blockchain’s Chairman, said: For the remainder of 2023, the Company will continue to focus on strengthening the balance sheet and growing the business with a strong emphasis on financial discipline and operational excellence. On behalf of the Board, I would like to thank all of our shareholders and stakeholders. I am excited for Argo to continue in its mission of powering the world's most innovative and sustainable blockchain infrastructure in this next stage of the Company's development.
Argo Blockchain share price.
The Argo Blockchain share price fell 3.83% to trade at 8.53p, falling from Friday’s closing price of 8.87p.
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