• bitcoinBitcoin (BTC) $ 118,058.00
  • ethereumEthereum (ETH) $ 3,786.79
  • xrpXRP (XRP) $ 3.10
  • tetherTether (USDT) $ 0.999997
  • bnbBNB (BNB) $ 798.84
  • solanaSolana (SOL) $ 178.96
  • usd-coinUSDC (USDC) $ 0.999817
  • staked-etherLido Staked Ether (STETH) $ 3,782.38
  • dogecoinDogecoin (DOGE) $ 0.220694
  • tronTRON (TRX) $ 0.333429
  • cardanoCardano (ADA) $ 0.771976
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 118,118.00
  • wrapped-stethWrapped stETH (WSTETH) $ 4,579.52
  • hyperliquidHyperliquid (HYPE) $ 42.85
  • suiSui (SUI) $ 3.75
  • stellarStellar (XLM) $ 0.414956
  • wrapped-beacon-ethWrapped Beacon ETH (WBETH) $ 4,084.01
  • chainlinkChainlink (LINK) $ 17.56
  • bitcoin-cashBitcoin Cash (BCH) $ 564.82
  • hedera-hashgraphHedera (HBAR) $ 0.257836
  • wrapped-eethWrapped eETH (WEETH) $ 4,058.86
  • avalanche-2Avalanche (AVAX) $ 23.75
  • wethWETH (WETH) $ 3,787.81
  • the-open-networkToncoin (TON) $ 3.44
  • leo-tokenLEO Token (LEO) $ 8.97
  • litecoinLitecoin (LTC) $ 108.59
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • usdsUSDS (USDS) $ 0.999671
  • shiba-inuShiba Inu (SHIB) $ 0.000013
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 118,280.00
  • whitebitWhiteBIT Coin (WBT) $ 43.99
  • uniswapUniswap (UNI) $ 10.21
  • polkadotPolkadot (DOT) $ 3.83
  • moneroMonero (XMR) $ 313.53
  • bitget-tokenBitget Token (BGB) $ 4.52
  • pepePepe (PEPE) $ 0.000011
  • crypto-com-chainCronos (CRO) $ 0.142135
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.19
  • aaveAave (AAVE) $ 279.21
  • daiDai (DAI) $ 1.00
  • ethenaEthena (ENA) $ 0.572495
  • bittensorBittensor (TAO) $ 375.01
  • nearNEAR Protocol (NEAR) $ 2.67
  • ethereum-classicEthereum Classic (ETC) $ 21.38
  • pi-networkPi Network (PI) $ 0.419454
  • aptosAptos (APT) $ 4.50
  • ondo-financeOndo (ONDO) $ 0.947288
  • internet-computerInternet Computer (ICP) $ 5.37
  • okbOKB (OKB) $ 48.01
  • jito-staked-solJito Staked SOL (JITOSOL) $ 218.52
  • mantleMantle (MNT) $ 0.766650
  • kaspaKaspa (KAS) $ 0.093366
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.037396
  • binance-peg-wethBinance-Peg WETH (WETH) $ 3,800.75
  • algorandAlgorand (ALGO) $ 0.256157
  • usd1-wlfiUSD1 (USD1) $ 0.999332
  • bonkBonk (BONK) $ 0.000028
  • arbitrumArbitrum (ARB) $ 0.416240
  • vechainVeChain (VET) $ 0.024670
  • gatechain-tokenGate (GT) $ 17.47
  • cosmosCosmos Hub (ATOM) $ 4.50
  • render-tokenRender (RENDER) $ 3.85
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.218784
  • fasttokenFasttoken (FTN) $ 4.57
  • worldcoin-wldWorldcoin (WLD) $ 1.06
  • official-trumpOfficial Trump (TRUMP) $ 9.38
  • spx6900SPX6900 (SPX) $ 1.99
  • skySky (SKY) $ 0.085476
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.695783
  • sei-networkSei (SEI) $ 0.311603
  • susdssUSDS (SUSDS) $ 1.06
  • binance-staked-solBinance Staked SOL (BNSOL) $ 191.86
  • rocket-pool-ethRocket Pool ETH (RETH) $ 4,340.36
  • quant-networkQuant (QNT) $ 118.94
  • filecoinFilecoin (FIL) $ 2.52
  • flare-networksFlare (FLR) $ 0.024503
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 3,972.41
  • story-2Story (IP) $ 5.66
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 117,923.00
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 5.04
  • xdce-crowd-saleXDC Network (XDC) $ 0.098367
  • jupiter-exchange-solanaJupiter (JUP) $ 0.524009
  • usdtbUSDtb (USDTB) $ 1.00
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 4,019.70
  • kucoin-sharesKuCoin (KCS) $ 11.31
  • mantle-staked-etherMantle Staked Ether (METH) $ 4,050.84
  • liquid-staked-ethereumLiquid Staked ETH (LSETH) $ 4,106.34
  • injective-protocolInjective (INJ) $ 13.94
  • usdt0USDT0 (USDT0) $ 0.999803
  • curve-dao-tokenCurve DAO (CRV) $ 0.968616
  • nexoNEXO (NEXO) $ 1.31
  • celestiaCelestia (TIA) $ 1.80
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.997306
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 3,986.16
  • optimismOptimism (OP) $ 0.705973
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 0.999715
  • blockstackStacks (STX) $ 0.760478
  • falcon-financeFalcon USD (USDF) $ 0.999993
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 117,797.00
  • flokiFLOKI (FLOKI) $ 0.000113
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 201.91
  • fartcoinFartcoin (FARTCOIN) $ 1.07
  • wbnbWrapped BNB (WBNB) $ 798.46
  • immutable-xImmutable (IMX) $ 0.552051
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 1.00
  • conflux-tokenConflux (CFX) $ 0.192958
  • the-graphThe Graph (GRT) $ 0.099885
  • sonic-3Sonic (S) $ 0.301481
  • dogwifcoindogwifhat (WIF) $ 0.972534
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.81
  • paypal-usdPayPal USD (PYUSD) $ 0.999590
  • pax-goldPAX Gold (PAXG) $ 3,336.84
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 118,037.00
  • saros-financeSaros (SAROS) $ 0.356083
  • ethereum-name-serviceEthereum Name Service (ENS) $ 28.15
  • syrupusdcSyrupUSDC (SYRUPUSDC) $ 1.11
  • clbtcclBTC (CLBTC) $ 120,697.00
  • kaiaKaia (KAIA) $ 0.158843
  • msolMarinade Staked SOL (MSOL) $ 235.09
  • lido-daoLido DAO (LDO) $ 1.02
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 1.37
  • tezosTezos (XTZ) $ 0.836047
  • pump-funPump.fun (PUMP) $ 0.002479
  • vaultaVaulta (A) $ 0.535973
  • theta-tokenTheta Network (THETA) $ 0.833159
  • tether-goldTether Gold (XAUT) $ 3,333.02
  • super-oethSuper OETH (SUPEROETH) $ 3,787.86
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 4,046.97
  • raydiumRaydium (RAY) $ 2.97
  • cgeth-hashkey-cloudcgETH Hashkey Cloud (CGETH.HASH) $ 3,984.63
  • iotaIOTA (IOTA) $ 0.199902
  • jasmycoinJasmyCoin (JASMY) $ 0.015640
  • galaGALA (GALA) $ 0.016326
  • pendlePendle (PENDLE) $ 4.34
  • the-sandboxThe Sandbox (SAND) $ 0.288615
  • bittorrentBitTorrent (BTT) $ 0.00000071
  • pyth-networkPyth Network (PYTH) $ 0.122116
  • ousgOUSG (OUSG) $ 111.98
  • aerodrome-financeAerodrome Finance (AERO) $ 0.810346
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 3,782.52
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.09
  • usdx-money-usdxStables Labs USDX (USDX) $ 0.998836
  • tbtctBTC (TBTC) $ 117,992.00
  • jito-governance-tokenJito (JTO) $ 1.86
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 3,794.97
  • zcashZcash (ZEC) $ 39.20
  • flowFlow (FLOW) $ 0.390335
  • newton-projectAB (AB) $ 0.008549
  • heliumHelium (HNT) $ 3.15
  • stader-ethxStader ETHx (ETHX) $ 4,028.05
  • usual-usdUsual USD (USD0) $ 0.997658
  • morphoMorpho (MORPHO) $ 1.79
  • walrus-2Walrus (WAL) $ 0.419217
  • ripple-usdRipple USD (RLUSD) $ 0.999597
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 118,083.00
  • usddUSDD (USDD) $ 0.999620
  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.221376
  • decentralandDecentraland (MANA) $ 0.295276
  • solv-protocol-solvbtc-bbnSolv Protocol Staked BTC (XSOLVBTC) $ 116,829.00
  • memecoreMemeCore (M) $ 0.332998
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 3,789.77
  • beldexBeldex (BDX) $ 0.076934
  • coinbase-wrapped-staked-ethCoinbase Wrapped Staked ETH (CBETH) $ 4,182.61
  • bitcoin-svBitcoin SV (BSV) $ 27.46
  • mog-coinMog Coin (MOG) $ 0.000001
  • chain-2Onyxcoin (XCN) $ 0.015708
  • coredaoorgCore (CORE) $ 0.530149
  • syrupMaple Finance (SYRUP) $ 0.440737
  • based-brettBrett (BRETT) $ 0.051236
  • build-onBUILDon (B) $ 0.506106
  • swethSwell Ethereum (SWETH) $ 4,152.25
  • true-usdTrueUSD (TUSD) $ 0.996586
  • thorchainTHORChain (RUNE) $ 1.39
  • reserve-rights-tokenReserve Rights (RSR) $ 0.008280
  • telcoinTelcoin (TEL) $ 0.005301
  • arweaveArweave (AR) $ 7.36
  • apecoinApeCoin (APE) $ 0.605115
  • ether-fiEther.fi (ETHFI) $ 1.15
  • apenftAPENFT (NFT) $ 0.00000049
  • keetaKeeta (KTA) $ 1.14
  • frax-etherFrax Ether (FRXETH) $ 3,777.30
  • savings-daiSavings Dai (SDAI) $ 1.16
  • neoNEO (NEO) $ 6.36
  • starknetStarknet (STRK) $ 0.124901
  • aioz-networkAIOZ Network (AIOZ) $ 0.374073
  • polygon-pos-bridged-weth-polygon-posPolygon PoS Bridged WETH (Polygon POS) (WETH) $ 3,786.71
  • wrapped-hypeWrapped HYPE (WHYPE) $ 42.83
  • dydx-chaindYdX (DYDX) $ 0.584291
  • compound-governance-tokenCompound (COMP) $ 46.49
  • zebec-networkZebec Network (ZBCN) $ 0.005021
  • wemix-tokenWEMIX (WEMIX) $ 0.951521
  • elrond-erd-2MultiversX (EGLD) $ 14.95
  • ecasheCash (XEC) $ 0.000021
  • sun-tokenSun Token (SUN) $ 0.021919
  • dexeDeXe (DEXE) $ 7.33
  • treehouse-ethTreehouse ETH (TETH) $ 4,587.58
  • bridged-usdc-polygon-pos-bridgeBridged USDC (Polygon PoS Bridge) (USDC.E) $ 0.999724
  • kavaKava (KAVA) $ 0.383879

This Wall Street Bitcoin Company Mines Revenue despite Bitcoin Drought

0 64

This Wall Street Bitcoin Company Mines Revenue despite Bitcoin Drought

The publicly-listed Bitcoin (BTC) miner from Wall Street (NASDAQ: ARBK) and London Stock Exchange (LSE: ARB), Argo Blockchain, announced today (Wednesday) its interim results for the first half of 2024. The company reported an 18% increase in revenue to $29.3 million compared to the same period last year, achieving growth despite the Bitcoin halving event and a significant decrease in the number of Bitcoin mined.

Argo Blockchain Reports 18% Revenue Growth in First Half 2024 despite Bitcoin Halving

The London-based firm mined 507 Bitcoin during the first six months of 2024, a 46% decrease from the 947 Bitcoin mined in the first half of 2023. This reduction was primarily attributed to the increase in global hashrate and the decline in Bitcoin-denominated hash price.

This Wall Street Bitcoin Company Mines Revenue despite Bitcoin Drought

Thomas Chippas, Argo. Source: LinkedIn

“Argo’s focus on financial discipline and operational efficiency enabled us to pay off our $35 million debt obligation to Galaxy, significantly deleveraging our balance sheet,” Thomas Chippas, CEO of Argo Blockchain, commented on the results. “This positions us well to explore investing in growth and strategic initiatives that can drive long-term value for our shareholders.”

Argo’s mining margin stood at $11.5 million, or 39%, for the first half of 2024, compared to $10.2 million, or 42%, for the same period in 2023. The company reported a net loss of $32.7 million, widening from an $18.6 million loss in the first half of the previous year. However, adjusted EBITDA improved to $5.7 million from $2.8 million year-over-year.

The deepened loss is, however, the effect of a recent moves to strengthen company’s balance sheet. Argo reduced its loan from Galaxy Digital from $23.5 million at the beginning of the year to $5.3 million by June 30, 2024. The company subsequently announced that it had fully repaid the Galaxy loan in August.

Not only Argo, but other publicly listed miners are also experiencing a “halving hangover.” According to the latest report from VanEck, cryptocurrency miners’ revenues have declined by another 12%, marking another consecutive month of negative response to the reduced rewards for mined BTC blocks.

Argo’s interim results for 2024 are out!

Highlights:

🔶Generated revenues of $29.3 million for H1 2024 compared to $24.0 million for H1 2023, an 18% increase

🔶 Mining margin of $11.5 million or 39% for H1 2024
🔶 Fully repaid the Galaxy loan in August 2024
🔶Ended the…

— Argo (@ArgoBlockchain) August 28, 2024

What Else Does the Report Reveal?

The company also reported several strategic moves during the period, including raising $9.9 million through a share issuance in January and selling its five-megawatt data center in Mirabel, Quebec, for $6.1 million in March. Argo expects the consolidation of its operations to reduce non-mining operating expenses by $0.7 million annually.

Despite these positive developments, Argo recorded a $22 million impairment on its mining machines, reflecting current challenging market conditions in the cryptocurrency mining sector.

As of June 30, 2024, Argo held $4.0 million in cash and 11 Bitcoin equivalent. The company further bolstered its financial position by raising an additional $8.3 million through a private share placement with an institutional investor in July.

Source

Leave A Reply

Your email address will not be published.

Verified by MonsterInsights