REG - Argo Blockchain PLC - Argo January Operational Update

Argo BlockchainAnnouncement

05/02/2024 07:00

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RNS Number : 9416B  Argo Blockchain PLC  05 February 2024

Press Release

5 February 2024

Argo Blockchain plc

("Argo" or "the Company")

January Operational Update

Argo Blockchain plc, a global leader in cryptocurrency mining (LSE: ARB;
NASDAQ: ARBK), is pleased to provide the following operational update for
January 2024.

During the month of January, the Company mined 124 Bitcoin, or 4.0 Bitcoin per
day. This 20% decrease in daily Bitcoin production compared to the prior month
was driven by a 16% decrease in Bitcoin-denominated hashprice, and to a lesser
extent, weather-related curtailments. Hashprice, which refers to the expected
value of hashing power, is a function of the block subsidy, network
difficulty, and transaction fees. The decrease in hashprice in January 2024
was driven by lower transaction fees on the Bitcoin network and higher network
difficulty compared to December 2023.

Bitcoin production in January 2024 was negatively impacted by weather-related
curtailments at the Company's facilities in Quebec and at the Helios facility
in Texas. At Helios, the Company's operations were curtailed in response to
winter weather conditions which led to elevated power prices across Texas,
particularly during Winter Storm Heather. The facility generates power credits
during periods of economic curtailment, and the Company's share of power
credits from January 2024 will offset a portion of the foregone revenue from
curtailment.

Mining revenue in January 2024 amounted to $5.3 million, a decrease of 19%
compared to the prior month (December 2023: $6.6 million).

As of 31 January 2024, the Company held digital assets worth the equivalent of
18 Bitcoin.

 Month         Bitcoin Mined  Unaudited Mining Revenue, excluding power credits ($USD in millions)
 January 2024  124            $5.3

Management Commentary

Argo's Chief Executive, Thomas Chippas, said, "Our Bitcoin production
decreased in January as transaction fees retreated from the temporary spike we
saw in December. We also experienced some instances of curtailment as a result
of winter weather in Quebec and Texas, which is a great reminder of how
Bitcoin mining contributes to grid stability during extreme weather events.
Bitcoin miners provide a unique source of baseload demand which can be quickly
curtailed to free up electricity for other users on the grid."

This announcement contains inside information.

For further information please contact:

 Argo Blockchain
 Investor Relations                  ir@argoblockchain.com
 Tennyson Securities
 Corporate Broker                    +44 207 186 9030

 Peter Krens
 Fortified Securities
 Joint Broker                        +44 7493 989014

 Guy Wheatley, CFA                   guy.wheatley@fortifiedsecurities.com
 Tancredi Intelligent Communication   argoblock@tancredigroup.com

 UK & Europe Media Relations

 

About Argo:

Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK) blockchain
technology company focused on large-scale cryptocurrency mining. With mining
facilities in Quebec, mining operations in Texas, and offices in the US,
Canada, and the UK, Argo's global, sustainable operations are predominantly
powered by renewable energy. In 2021, Argo became the first climate positive
cryptocurrency mining company, and a signatory to the Crypto Climate Accord.
For more information, visit (http://www.argoblockchain.com/)
www.argoblockchain.com (http://www.argoblockchain.com/) .

 

 

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