3,800 new packages sold ahead of schedule

RNS Number : 4346C

Argo Blockchain PLC

01 October 2018

 

PRESS RELEASE -

1^st October 2018

Argo Blockchain PLC

('Argo' or 'the Company')

Argo sells 3,800 new packages ahead of schedule 

Argo, a UK-based provider of cryptocurrency mining services (LSE: ARB), is pleased to announce a ten-fold increase in its sold packages to 4,200, marking the first significant ramp-up of the Company's revenues since its Initial Public Offering in August of 2018.

The increase follows the successful expansion of Argo's mining platform announced on 6 September and completed ahead of schedule last week.

As a result, more than 3,800 new packages have been signed up with effect from today. The strong customer take-up has also led to the enlarged capacity being immediately sold out, as anticipated by the Company.

Argo will continue to add new mining capacity and offer more choice of currencies in line with its phased growth plans, which call for the deployment of sufficient capacity to support approximately 30,000 packages within the first 12 months of operations. 

"We are delighted to achieve our first significant sales target ahead of our plans and the start of meaningful revenues for the Company", Mike Edwards, president and co-founder of Argo, said.

"The strong take-up of our service also indicates that demand of cryptomining services remains robust despite a recent downturn in the sector. We will continue to execute our growth strategy as quickly as possible to meet this pent-up demand," he said.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Argo Blockchain
Neil Thapar Financial Communications Advisor	via Tancredi [phone] [phone]
Mirabaud
Sole Bookrunner and Corporate Broker Peter Krens	[phone]
Tancredi Intelligent Communication Media Relations
Salamander Davoudi [e-mail] Georgia Hanias [e-mail]	[phone] [phone]

Notes to Editors:

About Us:

Argo Blockchain plc is a global data centre management business that provides a low-cost, flexible and user-friendly platform for the mining of leading cryptocurrencies. Our cloud-based Mining as a Service (MaaS) platform is available at scale on a monthly subscription. Our platform provides consumers without significant computing expertise or complex and expensive hardware with the opportunity to mine Bitcoin Gold, Ethereum, Ethereum Classic, Zcash, Horizen and Komodo. Argo is headquartered in London, UK and operates state-of-the art data centres in Quebec, Canada. The Company's shares are listed on the main market of London Stock Exchange under the ticker: ARB.

 

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