Argo Blockchain 2024 revenue down following Bitcoin halving
Argo Blockchain on Friday reported a widening loss and decrease in revenue in 2024, after facing ‘increased mining difficulties’.
The London-based cryptocurrency mining company reported a pretax loss $54.8 million in 2024, widened from $34.6 million the previous year.
Furthermore, Argo Blockchain’s revenue decreased 7.0% to $47.1 million in 2024, from $50.6 million.
This was attributed to a reduction in the ‘hashprice’ and in mining production as a result of the Bitcoin halving in April 2024.
The total number of Bitcoins mined during 2024 was 755 or 2.1 per day, down 57% from 1,760 or 4.8 per day the prior year.
Looking forward, Argo said that despite ‘the increased mining difficulties’ it faced in 2024, it will prioritise the deployment of its mining machines to locations with access to reliable clean power sources, helping to lower electricity costs.
It added that as its machines age and become less efficient, it will need to raise capital to upgrade its fleet.
Argo shares were untraded at 2.50 pence in London on Friday. They last traded for that amount on April 30.
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