July Operational Update
4 August 2023
Argo Blockchain plc
("Argo" or "the Company")
July Operational Update
Argo Blockchain plc, a global leader in cryptocurrency mining (LSE: ARB; NASDAQ: ARBK), is pleased to provide the following operational update for July 2023.
During the month of July, the Company mined 129 Bitcoin or Bitcoin Equivalents (together, "BTC"), or 4.2 BTC per day. This is a decrease of 11% from the 4.6 BTC per day mined in the previous month. The decrease was driven primarily by greater downtime at Helios from weather-related curtailment and onsite construction. Additionally, the Helios operations participated in economic curtailment, which reduces Bitcoin production but generates additional cash proceeds.
Mining revenue in July amounted to $3.87 million, similar to revenue generated in the prior month (June 2023: $3.84 million).
As of 31 July 2023, the Company held 46 BTC.
During the month of July, the Company installed and energized 1,242 BlockMiner machines, representing approximately 130 PH/s, at its Quebec facilities. This brings the Company's total hashrate capacity to approximately 2.6 EH/s. The Company expects to receive and deploy the remaining 1,628 BlockMiners in the coming months.
Seif El-Bakly, Argo's interim Chief Executive Officer, said, "I am thrilled that we are resuming growth in our total hashrate capacity with the deployment of the BlockMiner machines. This is a testament to the efforts of our technical and operations teams, and we look forward to deploying the remaining machines.
"I am also pleased with our economic curtailment programs that contribute to the stability of the Texas grid during periods of peak demand while simultaneously reducing our total power costs."
Inside Information and Forward-Looking Statements
This announcement contains inside information and includes forward-looking statements which reflect the Company's current views, interpretations, beliefs or expectations with respect to the Company's financial performance, business strategy and plans and objectives of management for future operations. These statements include forward-looking statements both with respect to the Company and the sector and industry in which the Company operates. Statements which include the words "remains confident", "expects", "intends", "plans", "believes", "projects", "anticipates", "will", "targets", "aims", "may", "would", "could", "continue", "estimate", "future", "opportunity", "potential" or, in each case, their negatives, and similar statements of a future or forward-looking nature identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties because they relate to events that may or may not occur in the future, including the risk that the Company may receive the benefits contemplated by its transactions with Galaxy, the Company may be unable to secure sufficient additional financing to meet its operating needs, and the Company may not generate sufficient working capital to fund its operations for the next twelve months as contemplated. Forward-looking statements are not guarantees of future performance. Accordingly, there are or will be important factors that could cause the Company's actual results, prospects and performance to differ materially from those indicated in these statements. In addition, even if the Company's actual results, prospects and performance are consistent with the forward-looking statements contained in this document, those results may not be indicative of results in subsequent periods. These forward-looking statements speak only as of the date of this announcement. Subject to any obligations under the Prospectus Regulation Rules, the Market Abuse Regulation, the Listing Rules and the Disclosure and Transparency Rules and except as required by the FCA, the London Stock Exchange, the City Code or applicable law and regulations, the Company undertakes no obligation publicly to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. For a more complete discussion of factors that could cause our actual results to differ from those described in this announcement, please refer to the filings that Company makes from time to time with the United States Securities and Exchange Commission and the United Kingdom Financial Conduct Authority, including the section entitled "Risk Factors" in the Company's Annual Report on Form 20-F.
For further information please contact:
+44 207 186 9030
Tancredi Intelligent Communication
UK & Europe Media Relations
Fabio Galloni-Roversi Monaco
Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK) blockchain technology company focused on large-scale cryptocurrency mining. With mining facilities in Quebec, mining operations in Texas, and offices in the US, Canada, and the UK, Argo's global, sustainable operations are predominantly powered by renewable energy. In 2021, Argo became the first climate positive cryptocurrency mining company, and a signatory to the Crypto Climate Accord. For more information, visit www.argoblockchain.com.