July Operational Update

RNS Number : 1416V

Argo Blockchain PLC

05 August 2020

 

Press Release

05 August 2020

Argo Blockchain PLC

('Argo' or 'The Company') 

July Operational Update

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

During the month of July, Argo mined 165 Bitcoin or Bitcoin Equivalent (BTC) compared to 180 Bitcoin Equivalent in June. This takes the total amount of BTC mined year-to-date to 1,834 BTC. 

The reduction in the number of coins mined in July compared with the number mined in June was a result of a rise in mining difficulty mid-month. Argo continues to mine at the most cost-efficient mining settings and is pleased with the overall mining performance given market conditions.

Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in July amounted to £1.25 million (June 2020: £1.41 million).  Argo generated this income at an average monthly mining margin of approximately 34% for the month of July (June 2020: 27%). 

At the end of July, the company held 76 BTC in Bitcoin and BTC equivalents, in accordance with the Company's asset management strategy.

Argo's total mining capacity stands at 18,000 machines and 730 Petahash in addition to 280 Megasols of equihash mining capacity. 

Peter Wall, Chief Executive of Argo, said: "We are de lighted the month of July saw Bitcoin break through the US$10,000 barrier as this will have a material and positive impact on our mining margins going forward if the price stays above this level. The directors consider Argo to be one of the most efficient miners in the sector and well placed to capitalise on the increase in the price of Bitcoin as a result."

This announcement contains inside information.

For further information please contact:

Argo Blockchain
Peter Wall Chief Executive Ian MacLeod Executive Chairman	via Tancredi [phone]
Corporate Broker
Mirabaud Peter Krens	[phone]
Media Relations
Tancredi Intelligent Communications Salamander Davoudi  Emma Valgimigli	[e-mail] [phone] [e-mail] [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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