Argo Blockchain Plc Adr (ARBK) has released an update.
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Argo Blockchain plc reported a total Bitcoin mining yield of 1,760 in 2023, with a decreased revenue of $50.6 million, marking a 14% decline from the previous year due to a rise in global hashrate and network difficulty. The company also managed to reduce its non-mining operating costs by 58%, improve its mining margin to 43%, and significantly cut its net loss to $35 million from $229 million in 2022. These results reflect Argo’s strategic efforts in debt reduction and operational streamlining, including a $22 million debt repayment to Galaxy Digital and an enhanced cash position.
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