Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) said it held 85 bitcoin or bitcoin equivalent at the end of the first quarter and expects to increase its hashrate to 2.8EH/s.
“Moving forward, Argo expects to receive and install 'BlockMiner' machines later this year at its Quebec facilities. This is expected to increase the company's total hashrate to approximately 2.8 EH/s,” the cryptocurrency mining firm said in its first-quarter results statement.
Revenues in the first three months to 31 March 2023 jumped 15% from the fourth quarter to US$11.4mln, with the group mining 491 total bitcoin in the reporting period.
Argo reported cash of US$14.2mln at the end of March and first-quarter underlying earnings (adjusted EBITDA) of US$1.6mln. The net loss was US$8.7mln.
The mining margin percentage was 49%, an increase from the 35% reported in the fourth quarter.
Argo also said it reduced operating costs and expenses by 70% compared to the quarterly average in the second half of 2022, while finance costs also reduced by 63%.
"In terms of financial discipline, we are taking a much more critical view of all operating expenses, and we've implemented a robust internal process aimed at reducing non-mining operating expenses,” said interim CEO Seif El-Bakly.