Argo blockchain plc announces q3 2023 results

Q3 2023 results london, uk / accesswire / november 14, 2023 / argo blockchain plc ("argo" or "the company"), a global leader in cryptocurrency mining (lse:arb)(nasdaq:arbk), is pleased to announce its results for the quarter ended 30 september 2023. financial highlights ($usd) accrued $4.4 million in power credits from economic curtailment at helios during periods of high electricity prices, which led to an increase in mining margin from 36% in q2 2023 to 58% in q3 2023 decreased average direct cost per bitcoin mined by 33% from $17,566 per bitcoin in q2 2023 to $11,736 per bitcoin in q3 2023 reduced recurring non-mining operating expenses by 11% in q3 2023 compared to the prior quarter achieved a positive adjusted ebitda of $3.1 million for the quarter (adjusted ebitda of $5.4 million for the nine month period ending 30 september 2023) mined a total of 370 bitcoin and bitcoin equivalents (together, "btc") during the quarter and generated $10.4 million of revenue reduced debt owed to galaxy digital from $32 million to $27 million and ended the quarter with $70 million of debt outstanding recorded a one-time non-cash charge of $1.2 million related to prior period sales taxes owed to the canadian tax authorities based on new tax regulations net loss was $9.9 million for q3 2023 the company ended september 2023 with $8.0 million of cash and 32 btc on its balance sheet.
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