London-based cryptocurrency miner, Argo Blockchain (ARB), has reported a full-year loss in 2022 due to the fall in bitcoin prices and the increased difficulty of mining, which raised costs.

In a statement, the U.K.'s only listed crypto miner stated a net loss of 194.2 million British pounds ($240 million), which is a significant decline from the previous year's net income of 30.8 million pounds.

The company's financial woes were attributed to the decline in bitcoin prices, which fell more than 60% last year.