Argo Blockchain Reports Third Quarter 2024 Financial Results

Argo Blockchain plc's financial results for the third quarter ending September 30, 2024, indicate challenges for their cryptocurrency mining operations. Revenue reached $7.5 million, a decrease from $10.4 million in the same period last year. Despite mining 123 Bitcoin, the company's mining margin dropped significantly to 8%, compared to 58% a year earlier.

The quarter saw a net loss of $6.3 million, though this was an improvement from the $9.9 million loss recorded last year. Argo ended the quarter with $2.5 million in cash and fulfilled its debt obligations by repaying the Galaxy loan.

Notable developments post-quarter include the dismissal of a pending lawsuit and potential facility expansion in partnership with BE Global Development Limited, emphasizing Hosted Computing potential for AI market entry.