Bitcoin -miner Argo Blockchain reported significant financial losses in the third quarter of 2024. According to the company, revenue for the three months amounted to $7,5 million, compared to $10,4 million a year earlier.
The miner's total revenue for the first nine months of 2024 reached $36,7 million, slightly up from $34,4 million in 2023. The company mined 123 BTC during the quarter, an average of 1,3 BTC per day.
Argo Blockchain's mining profits also declined, falling to 8% in the third quarter compared to 58% in the same period last year. The company's representatives cited the lack of energy loans as the main reason for the decline. According to the report, the miner's net loss for the quarter was $6,3 million. This is less than the $9,9 million recorded in the third quarter of 2023.
On the news, Argo Blockchain shares fell nearly 19% in over-the-counter trading, according to OTC Markets Group data.
Despite financial difficulties, Argo Blockchain managed to reduce its debt by $12,4 million. In the third quarter, the miner fully repaid the loan received from Galaxy Digital.
Argo Blockchain CEO Thomas Chippas also noted that recent improvements in the economics of Bitcoin mining demonstrate the company's "ability to diversify beyond Bitcoin into the growing AI computing market."
