REG - Argo Blockchain PLC - February Operational Update

Argo BlockchainAnnouncement

07/03/2023 07:00

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RNS Number : 0670S  Argo Blockchain PLC  07 March 2023

Press Release

7 March 2023

Argo Blockchain plc

("Argo" or "the Company")

 

February Operational Update

Argo Blockchain plc, a global leader in cryptocurrency mining (LSE: ARB;
NASDAQ: ARBK), is pleased to provide the following operational update for
February 2023.

During the month of February, Argo mined 162 Bitcoin or Bitcoin Equivalents
(together, BTC), or 5.7 BTC per day. This is an increase of 7% over the 5.4
BTC per day produced in January 2023. The Company was able to achieve this
increase in daily BTC production despite a 10% increase in average network
difficulty in February compared to the prior month.

As of 28 February 2023, the Company held 101 Bitcoin or Bitcoin Equivalents.

The Company's total hashrate capacity continues to be 2.5 EH/s.

Based on daily foreign exchange rates and cryptocurrency prices during the
month, mining revenue in February amounted to $3.76 million [£3.09 million]
(January 2023 $3.42 million [£2.80 million].

Argo's Interim CEO, Seif El-Bakly, said, "I'm proud of the team for increasing
our average daily Bitcoin production despite the increase in average network
difficulty in February when compared to January. This is a testament to the
hard work put in by our technology and operations teams. We continue to focus
on strengthening our internal business processes and striving for operational
excellence."

Inside Information and Forward-Looking Statements

This announcement contains inside information and includes forward-looking
statements which reflect the Company's current views, interpretations, beliefs
or expectations with respect to the Company's financial performance, business
strategy and plans and objectives of management for future operations. These
statements include forward-looking statements both with respect to the Company
and the sector and industry in which the Company operates. Statements which
include the words "remains confident", "expects", "intends", "plans",
"believes", "projects", "anticipates", "will", "targets", "aims", "may",
"would", "could", "continue", "estimate", "future", "opportunity", "potential"
or, in each case, their negatives, and similar statements of a future or
forward-looking nature identify forward-looking statements. All
forward-looking statements address matters that involve risks and
uncertainties because they relate to events that may or may not occur in the
future, including the risk that the Company may not receive the benefits
contemplated by its transactions with Galaxy, the Company may be unable to
secure sufficient additional financing to meet its operating needs, and the
Company may not generate sufficient working capital to fund its operations for
the next twelve months as contemplated. Forward-looking statements are not
guarantees of future performance. Accordingly, there are or will be important
factors that could cause the Company's actual results, prospects and
performance to differ materially from those indicated in these statements. In
addition, even if the Company's actual results, prospects and performance are
consistent with the forward-looking statements contained in this document,
those results may not be indicative of results in subsequent periods. These
forward-looking statements speak only as of the date of this announcement.
Subject to any obligations under the Prospectus Regulation Rules, the Market
Abuse Regulation, the Listing Rules and the Disclosure and Transparency Rules
and except as required by the FCA, the London Stock Exchange, the City Code or
applicable law and regulations, the Company undertakes no obligation publicly
to update or review any forward-looking statement, whether as a result of new
information, future developments or otherwise. For a more complete discussion
of factors that could cause our actual results to differ from those described
in this announcement, please refer to the filings that Company makes from time
to time with the United States Securities and Exchange Commission and the
United Kingdom Financial Conduct Authority, including the section entitled
"Risk Factors" in the Company's Registration Statement on Form F-1.

For further information please contact:

 Argo Blockchain
 Investor Relations                  ir@argoblockchain.com
 finnCap Ltd
 Corporate Finance                   +44 207 220 0500

 Jonny Franklin-Adams

 Seamus Fricker

 Joint Corporate Broker

 Sunila de Silva
 Tennyson Securities
 Joint Corporate Broker              +44 207 186 9030

 Peter Krens
 Tancredi Intelligent Communication

 UK & Europe Media Relations
 Salamander Davoudi                   argoblock@tancredigroup.com

 Emma Valgimigli

 Fabio Galloni-Roversi Monaco

 Nasser Al-Sayed

 

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.
Argo also participates in several Web 3.0, DeFi and GameFi projects through
its Argo Labs division, further contributing to its business operations, as
well as the development of the cryptocurrency markets. For more information,
visit (http://www.argoblockchain.com/) www.argoblockchain.com
(http://www.argoblockchain.com/) .

 

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