Operational Update for March

RNS Number : 8199I

Argo Blockchain PLC

06 April 2020

 

Press Release

06 April 2020

Argo Blockchain PLC

('Argo' or 'The Company')

  March Operational Update

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

The Company mined 333.8 Bitcoin or Bitcoin Equivalent (BTC) during the month of March, compared to 337.5 Bitcoin Equivalent in February. This takes the total amount of BTC mined during the first three months of this year to 918 BTC, a record level for the company and more than double the amount mined during the previous three months. 

Based on daily foreign exchange rates and cryptocurrency prices during the month, the Company generated mining revenue in March of £1.8 million (Feb 2020: £2.5 million).  Argo generated this income at a mining margin of 42% and the Company continues to consider its operations to be among the most efficient in the market. Mining conditions were harder in March as algorithmic difficulty increased early in the month, and Bitcoin prices then saw a sharp decline in the second week of the month. 

Revenues generated in the first quarter of 2020 amounted to £6 million (US$7.67 million) based on average currency rates for the period.

As previously announced, the Company's order of 1,000 Bitmain Antminer S17+ machines remains on track. The new hardware is expected to be delivered and installed by the end of April and will bring Argo's total BTC mining capacity to around 730 PH, an increase of approximately 10%.  

The Company's mining operations, which are in North America, have not been impacted by Covid-19. Argo's management and staff are working remotely and all mining facilities are running as normal.

Peter Wall, chief executive of Argo, said: "Despite challenging conditions the company continues to deliver some of the best mining margins in the industry. This reflects Argo's high-quality mining infrastructure and expertise." 

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

 

END

 

 

UPDKZGGDMKKGGZZ