January Operational Update

RNS Number : 8245B

Argo Blockchain PLC

04 February 2020

 

Press Release

4 February 2020

Argo Blockchain PLC

('Argo' or 'The Company')

January 2020 Operational Update

Argo, the leading cryptocurrency miner based in the UK (LSE:ARB), is pleased to provide the following operational update for January 2020.

The Company mined 247 Bitcoins (BTC), and generated revenues of £1.63m (based on daily foreign exchange rates and BTC price) in January 2020. Mining in January was more efficient than the previous month despite increasing algorithmic difficulty. Argo considers its operations to be one of the most efficient in the market.

As previously announced, the Company is ahead of schedule to achieve its goal to bring 17,000 machines into production by the end of Q1 2020. It now has 16,500 machines in production representing 630 petahash of mining power. 

This infrastructure investment was funded from cash generated from operations and cash balances.

Peter Wall, chief executive of Argo, said: "We have made a strong start to the year and these results reflect Argo's position as one of the most efficient crypto miners in the market. Having successfully executed this significant capital investment programme ahead of schedule and on budget, we are in a great position to benefit from improving industry conditions."

This announcement contains inside information.

For further information please contact:

Argo Blockchain
Peter Wall Chief Executive Neil Thapar Financial Communications Adviser	via Tancredi [phone] [phone]
Mirabaud
Corporate Broker Peter Krens	[phone]
Tancredi Communication Media Relations
Salamander Davoudi [e-mail]  Emma Valgimigli [e-mail]	[phone] [phone]

About Argo:

Argo Blockchain plc is a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy. The Company is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB.

argoblockchain.com

See Argo's largest facility in Quebec:

https://youtu.be/LDWWaZ75Zbk

 

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