Argo Blockchain slumped to a heavy loss last year amid a fall in the price of bitcoin and higher costs, despite a surge in the number of the digital coins mined. The London-listed bitcoin miner reported a net loss of £194million for 2022, compared to net income of £30.8million in 2021, as revenues fell 36 per cent to £47.4million. Falling cryptocurrency values have hit bitcoin miners hard, with some companies, including Core Scientific and Celsius Mining, filing for bankruptcy. Rebound: Bitcoin price has surged more than 70% since the start of 2023In December, Argo Blockchain also warned it may go bankrupt, but then saved itself by selling its crypto mining facility, Helios, for £54million to Galaxy Digital. Argo Blockchain shares were down almost 5 per cent to 12p in afternoon trading on Friday, having lost more than 80 per cent of their value over the last year.

Source: Daily Mail April 29, 2023 06:00 UTC