Coinspeaker
Argo Blockchain Reduces Debt to $75M despite Poor Market Conditions
Argo Blockchain, a London-based crypto mining company, has unveiled its financial results for the first half of 2023, showcasing noteworthy improvements in loss reduction and strategic debt management.
In the first half of 2023, Argo reported a pretax loss of $18.6 million, representing a significant stride forward from the $47.9 million loss reported during the same period the previous year. However, the true testament to Argo’s progress lies in the loss mitigation and shrewd management of its financial obligations. The company effectively reduced its debt from $143 million in 2022 to a more manageable $75 million by the close of June 2023.
Argo Reports Poor Revenue despite Slashing Debt by Half
Yet, amid these achievements, Argos encountered a revenue decline of 31%, with earnings contracting from $34.6 million to $24.0 million. This contraction was primarily attributed to the downward trajectory of Bit
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