January Operational Update

RNS Number : 7886N

Argo Blockchain PLC

03 February 2021

 

Press Release

03 February 2021

Argo Blockchain PLC

('Argo' or 'The Company')

January Operational Update

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

During the month of January, Argo mined 93 Bitcoin or Bitcoin Equivalent (BTC) compared to 96 Bitcoin Equivalent in December. 

Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in January amounted to £2.48 million (December 2020: £1.63 million). Argo generated this income at an average monthly mining margin of approximately 71% for the month of January (December 2020: 60%). 

At the end of January, the company held 501 BTC in Bitcoin and BTC equivalents. In the second half of January, the Company purchased a total of 172.5 BTC as part of its asset management strategy. Argo's total mining capacity is currently 787 petahash (SHA-256) in addition to 280 Megasols of equihash mining capacity. 

Following on from the announcement on 7 October, the Company is also pleased to announce that its wholly-owned subsidiary, Argo Innovations Labs Inc. ("Argo"), has signed a Share Purchase Agreement with GPU.one, the Canadian data centre provider, for the strategic purchase of the two data centres in Quebec. These facilities are currently owned and operated by GPU.one and house a portion of Argo's cryptocurrency mining equipment. The data centres have a combined total of 20MW of power capacity, and the acquisition will provide Argo with long term stability and direct control over the facilities. Subject to a number of conditions, the Company expects the purchase to close in the coming weeks, and that the purchase will be funded out of Argo's existing deposits with GPU.one, and a small cash consideration. 

Peter Wall, Chief Executive of Argo, said: "I am thrilled that Argo has delivered our best month in the company's history in both mining revenue and profits. The year has started off very strong. I'm also pleased we have signed the Share Purchase Agreement with GPU.one, an important step in us closing this transaction, and taking over those facilities ourselves."

This announcement contains inside information.

 For further information please contact:

Argo Blockchain
Peter Wall,  Chief Executive Ian MacLeod,  Executive Chairman	via Tancredi Tel: [phone]
Corporate Broker - finnCap Ltd
Jonny Franklin-Adams / Kate Washington  (Corporate Finance) Sunila de Silva   (Corporate Broking)	Tel: [phone]
OTC Markets
Jonathan Dickson [e-mail]	Tel: [phone] Tel: [phone]
Media Relations - Tancredi Intelligent Communications
Salamander Davoudi [e-mail] Emma Valgimigli [e-mail]	Tel: [phone] Tel: [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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