Crypto mining company Argo Blockchain has reported a net loss of over $18 million for the first half of 2023, despite reducing debt and operational expenses. The company attributes its revenue decline to the fall in the price of Bitcoin and the increased difficulty of global BTC mining. Argo Blockchain is currently in discussions to divest non-core assets and is focused on reducing debt. However, a significant highlight for the company was a mining margin increase to 42%, thanks to a fixed price power purchase agreement. Argo initiated transactions with Galaxy Digital Holdings to enhance liquidity and streamline its operational structure. The next Bitcoin halving event in Q2 2024 is anticipated to impact the cryptocurrency’s price. Bitcoin is currently valued at $27,542.
AI Sentiment: Negative