Argo Blockchain, a publicly listed Bitcoin miner, reported a net loss of $6.3 million in the third quarter due to challenging market conditions and reduced mining margins. The company's revenue fell to $7.5 million, down 28% from the same period last year. Mining margins contracted significantly from 58% to 8%, and adjusted EBITDA swung to negative $2.1 million. The company ended the quarter with $2.5 million in cash and four Bitcoin. Argo Blockchain is exploring diversification opportunities, including a potential expansion into the AI market. Despite a better-than-expected first half of the year, the company's net loss for the year-to-date period has exceeded $39 million.



Other News from Today