The publicly listed Bitcoin (BTC) miner from Wall Street and London’s City, Argo Blockchain (NASDAQ: ARBK, LSE: ARB) reported a net loss of $6.3 million in the third quarter as the cryptocurrency mining company grappled with challenging market conditions and reduced mining margins.

Wall Street Bitcoin Miner Argo's Profits Vanish as Bitcoin Blues Bite

Revenue fell to $7.5 million in Q3, down 28% from $10.4 million in the same period last year. The company mined 123 Bitcoin during the quarter, averaging 1.3 BTC per day.

Mining margins contracted significantly to 8% from 58% in the year-ago period when the company benefited from power credits due to economic curtailments. Adjusted EBITDA swung to negative $2.1 million compared to positive $2.4 million last year.

“The third quarter was a difficult quarter for BTC miners, including Argo,” said CEO Thomas Chippas. “It is positive that we have seen improvement in BTC mining economics in October, and that this has continued into November.”

The results come after a better-than-expected first half of 2024. Despite a nearly 50% decline in the number of mined cryptocurrencies during that period, the company managed to increase its revenues by approximately 18%.

For the year-to-date period, the results are increasingly deteriorating. The net loss now exceeds $39 million, compared to $26 million reported during the same period last year.