Argo Blockchain’s Profit Margin Decreases to 8% from 58% Last Year

Argo Blockchain reported a decrease in mining profit margin to 8% in Q3 2024, compared to 58% in the same period last year. The main reason was the absence of energy credits.

The company mined 123 BTC during the quarter, averaging 1.3 BTC per day. Net loss amounted to $6.3 million, less than the $9.9 million loss in Q3 2023. The reduction in loss is attributed to expense optimization and debt reduction.

Argo Blockchain plans to diversify its operations and leverage artificial intelligence technologies, aiming to improve financial performance and restore previous profitability.