According to Cointelegraph, Argo Blockchain, a blockchain mining company, reported about a half-year net loss of about $18.8 million in 2023. It is believed that there has been a decrease in the value by about more than 50% from a net loss of $39.6 million in H1 2022.
Sources revealed that Argo mentioned that it has reduced its debt by about $4 million in 2023, making its total debt amount to $75 million. The company is expected to have reduced its debt to $68 million. It is believed they owed about $143 million in June 2022, Cointelegraph added.
With insights from a report made by Argo, it mined a total of about 947 Bitcoins ( BTC) during the first half of the year, which is an increase of about one percent of the total BTC mined during the same period in 2022. It is expected that 2023 will see about a 78% increase in global hash rate.
“The transactions reduced total indebtedness by $41 million and allowed Argo to simplify its operating structure,” Matthew Shaw, chairman, Argo board told Cointelegraph.
(With insights from Cointelegraph)
