{"id":79794,"date":"2023-06-06T13:23:21","date_gmt":"2023-06-06T10:23:21","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=79794"},"modified":"2025-09-11T13:03:02","modified_gmt":"2025-09-11T10:03:02","slug":"argo-blockchain-lifts-quarterly-revenue-to-11-4m","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/argo-blockchain-lifts-quarterly-revenue-to-11-4m\/","title":{"rendered":"Argo Blockchain lifts quarterly revenue to $11.4m"},"content":{"rendered":"<p>Mining company Argo Blockchain posted first-quarter revenue of $11.4 million, up 15% on the prior period.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">New RNS: Argo released its Q1 2023 earnings today:<\/p>\n<p>+Cash of $14m at the end of March<br \/>+Q1 revenue of $11m (up 15% from Q4&#8217;22)<br \/>+Mining margin of 49% (up from 35% in Q4&#8217;22)<br \/>+Reduced opex by 70% from H2&#8217;22<br \/>+BlockMiners to add 300 PH\/s<\/p>\n<p>RNS: <a href=\"https:\/\/t.co\/OjBHf7KGyq\">https:\/\/t.co\/OjBHf7KGyq<\/a><a href=\"https:\/\/twitter.com\/hashtag\/ARB?src=hash&#038;ref_src=twsrc%5Etfw\">#ARB<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24ARBK&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ARBK<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a><\/p>\n<p>\u2014 Argo (@ArgoBlockchain) <a href=\"https:\/\/twitter.com\/ArgoBlockchain\/status\/1665965492568469506?ref_src=twsrc%5Etfw\">June 6, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The firm ended the first quarter with a net loss of $8.7 million.<\/p>\n<p>During the quarter, Argo mined 491 BTC. Mining margin stood at 49%, up from 35% in the previous quarter.<\/p>\n<p>As of March 31, the company had $14.2 million in cash on hand and cryptocurrency reserves of 85 BTC.<\/p>\n<p>Interim CEO Seif El-Bakli noted that the company had cut operating expenses for the quarter by roughly 70%. After the completion of <a href=\"https:\/\/u1f987.com\/en\/news\/argo-blockchain-to-sell-galaxy-digital-texas-mining-centre-for-65-million\">the sale of the $65 million flagship Helios data centre<\/a> in Texas, the Galaxy Digital-hosted equipment fleet there gained access to cheaper electricity.<\/p>\n<p>During the quarter, Argo received and installed a batch of BlockMiner miners from ePIC on <a href=\"https:\/\/u1f987.com\/en\/news\/intel-to-halt-bitcoin-mining-chip-production\">Intel chips<\/a>, delivering a total hashrate of 300 PH\/s. The company expects that completing deliveries and deploying the full ordered volume of devices will raise its compute capacity to around 2.8 EH\/s.<\/p>\n<p>Argo ended 2022 with a net loss of $240 million. In January the firm <a href=\"https:\/\/u1f987.com\/en\/news\/argo-blockchain-avoids-nasdaq-delisting\">avoided delisting<\/a> on Nasdaq, where <a href=\"https:\/\/u1f987.com\/en\/news\/argo-blockchain-to-list-on-nasdaq\">has traded<\/a> since 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mining company Argo Blockchain posted first-quarter revenue of $11.4 million, up 15% on the prior period.<\/p>\n","protected":false},"author":1,"featured_media":79795,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1182,1137],"class_list":["post-79794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-argo-blockchain","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79794","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=79794"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79794\/revisions"}],"predecessor-version":[{"id":79796,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79794\/revisions\/79796"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/79795"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=79794"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=79794"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=79794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}