Argo's revenue in H1 equaled $24 million, representing a 31% decline compared to the first half of 2022.
“For the remainder of 2023, the company will continue to focus on strengthening the balance sheet and growing the business with a strong emphasis on financial discipline and operational excellence. I am excited for Argo to continue its mission of powering the world’s most innovative and sustainable blockchain infrastructure in this next stage of the company’s development.”The prolonged crypto winter, more specifically, the declining price of bitcoin, affected the operations of the mining firm.
The company continued to struggle in the following months and parted with some of its machinery to stabilize its balance sheet. It alsoArgo Blockchain’s attempt to avoid filing for bankruptcy protection selling its Helios facility to Mike Novogratz’s Galaxy Digital. The $65 million deal aimed at bringing fresh capital and reducing the miner’s indebtedness.a legal battle against Argo Blockchain at the beginning of the year, accusing it of breaching federal securities law during the IPO of its American depositary shares in 2021. The company issued approximately 7.5 million stocks at the time, initially valued at $15 each. Nonetheless, the prices have slumped considerably since then.
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