Cryptocurrency Miner Argo Blockchain H1 Revenue Tumbles 31% On Lower Bitcoin Price

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Cryptocurrency mining company Argo Blockchain PLC (NASDAQ: ARBK) H1 2023 revenue declined 31% Y/Y to $24.0 million due to lower Bitcoin price, higher global hashrate (+78% Y/Y), and related network difficulty. The company reported an EPS loss of $(0.03) in H1, narrower than $(0.08) a year ago. In H1 FY23, ARBK achieved a mining margin of 42%, higher than 33% in H2 FY22, mainly aided by the fixed price power purchase agreement at Helios that covers a significant portion of the facility’s electricity load. In Q2 2023, the company generated power credits of around $1.1 million and expects to gene…

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