Argo Blockchain reported a 28% decline in Q3 revenue year-over-year, reflecting continued challenges in the crypto mining space.

Bitcoin (BTC) mining firm Argo Blockchain reported wider losses for Q3, with quarterly revenue of $7.5 million, down from $10.4 million a year earlier. In its Q3 earnings report released on Nov. 20, the firm revealed that total revenue for the first nine months of 2024 was $36.7 million, a slight increase from $34.4 million in 2023. The firm mined 123 BTC during the quarter, averaging 1.3 BTC per day.

Mining margins also declined, falling to 8% in Q3 from 58% in the same period last year, largely due to the absence of power credits that had boosted 2023 results, the firm acknowledged. Per the report, the firm’s net loss was of $6.3 million for the quarter, an improvement from a loss of $9.9 million in Q3 2023.

Amid the news, Argo Blockchain’s shares plunged nearly 19% on over-the-counter trades, per data from OTC Markets Group.

Argo reduced its debt by $12.4 million during the quarter, including the full repayment of a loan from Galaxy Digital. The company ended the period with cash of $2.5 million and 4 BTC. Argo Blockchain chief executive Thomas Chippas noted that while Q3 was challenging, recent improvements in Bitcoin mining economics and the HPC hosting opportunity at Baie-Comeau demonstrates the firm’s “ability to diversify our capabilities beyond BTC into the growing AI computational market.”