The publicly-listed Bitcoin (BTC) miner from Wall Street (NASDAQ: ARBK) and London Stock Exchange (LSE: ARB), Argo Blockchain, announced today (Wednesday) its interim results for the first half of 2024. The company reported an 18% increase in revenue to $29.3 million compared to the same period last year, achieving growth despite the Bitcoin halving event and a significant decrease in the number of Bitcoin mined.
The London-based firm mined 507 Bitcoin during the first six months of 2024, a 46% decrease from the 947 Bitcoin mined in the first half of 2023. This reduction was primarily attributed to the increase in global hashrate and the decline in Bitcoin-denominated hash price.
Thomas Chippas, Argo. Source: LinkedIn
“Argo’s focus on financial discipline and operational efficiency enabled us to pay off our $35 million debt obligation to Galaxy, significantly deleveraging our balance sheet,” Thomas Chippas, CEO of Argo Blockchain, commented on the results. “This positions us well to explore investing in growth and strategic initiatives that can drive long-term value for our shareholders.”
Argo’s mining margin stood at $11.5 million, or 39%, for the first half of 2024, compared to $10.2 million, or 42%, for the same period in 2023. The company reported a net loss of $32.7 million, widening from an $18.6 million loss in the first half of the previous year. However, adjusted EBITDA improved to $5.7 million from $2.8 million year-over-year.
The deepened loss is, however, the effect of a recent moves to strengthen company’s balance sheet. Argo reduced its loan from Galaxy Digital from $23.5 million at the beginning of the year to $5.3 million by June 30, 2024. The company subsequently announced that it had fully repaid the Galaxy loan in August.
Not only Argo, but other publicly listed miners are also experiencing a “halving hangover.” According to the latest report from VanEck, cryptocurrency miners’ revenues have declined by another 12%, marking another consecutive month of negative response to the reduced rewards for mined BTC blocks.
Argo’s interim results for 2024 are out!
Highlights:
Generated revenues of $29.3 million for H1 2024 compared to $24.0 million for H1 2023, an 18% increase
— Argo (@ArgoBlockchain) August 28, 2024
What Else Does the Report Reveal?
The company also reported several strategic moves during the period, including raising $9.9 million through a share issuance in January and selling its five-megawatt data center in Mirabel, Quebec, for $6.1 million in March. Argo expects the consolidation of its operations to reduce non-mining operating expenses by $0.7 million annually.
Despite these positive developments, Argo recorded a $22 million impairment on its mining machines, reflecting current challenging market conditions in the cryptocurrency mining sector.
As of June 30, 2024, Argo held $4.0 million in cash and 11 Bitcoin equivalent. The company further bolstered its financial position by raising an additional $8.3 million through a private share placement with an institutional investor in July.
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