Argo Blockchain PLC confirms hashrate to grow as it ends Q1 with 85 bitcoin


Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) said it held 85 bitcoin or bitcoin equivalent at the end of the first quarter and expects to increase its hashrate to 2.8EH/s.

“Moving forward, Argo expects to receive and install ‘BlockMiner’ machines later this year at its Quebec facilities. This is expected to increase the company’s total hashrate to approximately 2.8 EH/s,” the cryptocurrency mining firm said in its first-quarter results statement.

Revenues in the first three months to 31 March 2023 jumped 15% from the fourth quarter to US$11.4mln, with the group mining 491 total bitcoin in the reporting period.

Argo reported cash of US$14.2mln at the end of March and first-quarter underlying earnings (adjusted EBITDA) of US$1.6mln. The net loss was US$8.7mln.

The mining margin percentage was 49%, an increase from the 35% reported in the fourth quarter.

Argo also said it reduced operating costs and expenses by 70% compared to the quarterly average in the second half of 2022, while finance costs also reduced by 63%.

“In terms of financial…

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