London-listed cryptocurrency miner, Argo Blockchain, has announced a narrowed pretax loss for the first half of 2023, despite a drop in revenue attributed to lower Bitcoin prices.
Argo Blockchain revealed on Tuesday that it recorded a pretax loss of $18.6 million in the six months leading up to June 30. This marks an improvement from the previous year’s pretax loss of $47.9 million during the same period.
The company’s revenue also experienced a decline, falling from $34.6 million to $24.0 million. This decrease can be attributed to lower Bitcoin prices, as well as higher global hashrate and network difficulties. Argo Blockchain’s mining margin decreased from $24.4 million to $10.2 million, resulting in a decline from 71% to 42%.
However, there was some positive news for the company. Foreign exchange losses narrowed to $1.4 million, down from $13.3 million in the previous year. Additionally, Argo Blockchain recorded a gain of $489,000 in fair value of digital currencies, compared to a loss of $55.0 million in the previous year.
Looking ahead, Chairman Matthew Shaw stated that the company will focus on strengthening its balance sheet and expanding its business for the remainder of 2023.
