Argo Blockchain’s Quarterly Revenue Rises to $11.4M

In Q1, Argo Blockchain recorded $11.4 million in revenue – a 15% increase from the last period – and a net loss of $8.7 million.

As of March 31, their balance stood at $14.2 million, and their cryptocurrency reserves accounted for 85 BTC.

Interim Argo CEO Seif El-Bakly, reported a drop in operating expenses of 70% quarter-on-quarter due to the acquisition of the Helios data center in Texas and its access to cheaper electricity.

Argo also received and installed a batch of 300 PH/s BlockMiners from ePIC Intel chips.

With completion of shipment and deployment of all devices, Argo’s computing power will reach 2.8 EH/s.

After the close of 2020’s financial year with a net loss of $240 million, Argo managed to avoid delisting on the Nasdaq, where it has been trading since 2021.