Argo Blockchain, a British cryptocurrency mining company, has announced a loss of $240.2 million for 2022. At the same time, the revenue increased by 70% to $127.6 million. According to the report, Argo suffered a loss due to the fall of the Bitcoin exchange rate in mid-2022.
- According to the company, the cost of mining equipment is reflected in the report as “property rights and assets” and amounts to $70.5 million. Electricity costs also increased significantly, by $73.7 million compared to $32.4 million in 2021.
New RNS: FY 2022 Results. Highlights include:
· Revenue of £47mm ($59mm)
· Mining margin of 54%
· Mined 2,156 BTC and BTC Equiv
· Completed strategic sale of Helios
· Reduced debt by £33mm ($41mm)
— Argo (@ArgoBlockchain) April 28, 2023
Despite the losses, Argo Blockchain plans to continue its operations and even expand. The company has announced plans to increase its mining capacity by 1.1 to 1.3 exas in 2023.
Despite the losses in 2022, Argo Blockchain remains one of the leading mining companies in the UK. The company continues to invest in future technologies, develops and expands its operations to ensure maximum profit for its investors