Although the number of mined cryptos fell almost 50%, Argo Blockchain reported an 18% revenue increase in H1 2024.
However, the net loss was further deepened by loan repayments and impairment on mining rigs.
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.
“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 recent moves to strengthen the 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.
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.
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.
“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 recent moves to strengthen the 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.
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.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
SEC Reiterates Binance’s Illegal Operations, Highlights “Lack of Disclosure”
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
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👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage.
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
📣 Stay updated with the latest in finance and trading!
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
📣 Stay updated with the latest in finance and trading!
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