September Operational Update
5 October 2023
Argo Blockchain plc
("Argo" or "the Company")
September Operational Update
Argo Blockchain plc, a global leader in cryptocurrency mining (LSE: ARB; NASDAQ: ARBK), is pleased to provide the following operational update for September 2023.
During the month of September, the Company mined 136 Bitcoin or Bitcoin Equivalents (together, "BTC"), or 4.5 BTC per day, and accrued significant power credits from economic curtailment. The power credits reduce the Company's electricity costs, improve its mining margin, and increase its cash flow. The 34% increase in BTC mined compared to August 2023 (3.4 BTC per day) is primarily due to fewer hours of curtailment at Helios in September. This increase in Bitcoin production was partially offset by a 4% increase in average network difficulty in September 2023 relative to August 2023.
Mining revenue in September 2023 amounted to $3.59 million, an increase of 23% compared to the prior month (August 2023: $2.93 million).
As of 30 September 2023, the Company held 32 BTC. The drop in BTC from 49 at the end of August 2023 is primarily due the periodic revaluation of the Company's non-Bitcoin digital asset holdings.
During the month of September, the Company completed the deployment of its BlockMiner machines. The BlockMiner fleet represents approximately 0.3 EH/s of hashrate capacity deployed at the Company's Quebec facilities, and the Company's total hashrate capacity is now approximately 2.8 EH/s.
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
Guy Wheatley, CFA
+44 7493 989014
Tancredi Intelligent Communication
UK & Europe Media Relations
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.