Cryptocurrency mining leader Argo Blockchain reduced its debt to $75 million in the first half of the year. By contrast, it owed $143 million at the end of June 2022. The company has also managed to reduce its overall costs and expenses. However, revenue in H1 was significantly lower than revenue recorded in the first half of last year. 📉

According to the H1 results of Argo Blockchain, the pre-tax loss in the first six months of 2023 was $18.6 million, 61% less than the $47.9 million recorded during 2022. There has been a significant improvement in debt reduction: from $143 million in H1 in 2022 to $75 million at the end of June this year. 💰

The crypto miner reduced its operating costs and expenses by 33%, while non-mining operating costs and expenses were down 21% in Q2 compared to the first three months of 2023. Argo's revenue did not increase, and the H1 eventually settled at $24 million. This figure was $34.6 million in the same period in 2022. The company stated that this downward trend is due to bitcoin's falling USD valuation and increasing global hash rate.