Argo Blockchain Slumps to Full-Year Loss on Bitcoin Price Slide


Argo Blockchain (ARB), the one U.Ok.-listed cryptocurrency miner, slumped to a full-year loss in 2022 as the value of bitcoin fell and mining issue elevated, driving up prices.

The London-based firm reported a web lack of 194.2 million British kilos ($240 million) in contrast with web earnings of 30.8 million kilos the yr earlier than, it stated in an announcement. The bitcoin value slumped greater than 60% final yr.

The corporate averted submitting for chapter safety after agreeing to promote its Helios mining facility in Dickens Nation, Texas, to Galaxy Digital for $65 million. It additionally negotiated a brand new $35 million mortgage from investor Michael Novogratz’s crypto-focused financial-services agency, secured by its mining tools.

“Having navigated difficult market circumstances in each the crypto sector and the worldwide financial system within the second half of 2022, Argo has emerged stronger and in a way more stable monetary place,” interim CEO Seif El-Bakly stated within the assertion.

Shares of the corporate fell 3% in early buying and selling in London.

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