Argo Blockchain, a mining company that faced challenges due to unfavorable market conditions and intense competition, reduced its net losses by more than half in the first six months of 2023.
The company reported a net loss of $18.8 million, compared to $39.6 million in the same period of 2022.
Argo also lowered its debt by $4 million, bringing it down to $75 million.
The company has made significant progress in cutting its debt, which was $143 million in June 2022.
However, the company’s revenues also declined by 31%, reaching $24 million by mid-2023. This was attributed to the drop in Bitcoin’s value and the rise in global hash rate and network difficulty.
The company mined 947 BTC in the first half of 2023, which was only slightly higher than the 936 BTC mined in the first half of 2022.