Argo Blockchain (ARB), the only U.K.-listed cryptocurrency miner, slumped to a full-year loss in 2022 as the price of bitcoin fell and mining difficulty increased, driving up costs.
The London-based company reported a net loss of 194.2 million British pounds ($240 million) compared with net income of 30.8 million pounds the year before, it said in a statement. The bitcoin price slumped more than 60% last year.
The company avoided filing for bankruptcy protection after agreeing to sell its Helios mining facility in Dickens Country, Texas, to Galaxy Digital for $65 million. It also negotiated a new $35 million loan from investor Michael Novogratz’s crypto-focused financial-services firm, secured by its mining equipment.
“Having navigated challenging market conditions in both the crypto sector and the global economy in the second half of 2022, Argo has emerged stronger and in a much more solid financial position,” interim CEO Seif El-Bakly said in the statement.
Shares of the company fell 3% in early trading in London.