REG - Argo Blockchain PLC - July Operational Update

Argo BlockchainAnnouncement

04/08/2023 07:00

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RNS Number : 2855I  Argo Blockchain PLC  04 August 2023

Press Release

4 August 2023

Argo Blockchain plc

("Argo" or "the Company")

 

July Operational Update

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

During the month of July, the Company mined 129 Bitcoin or Bitcoin Equivalents
(together, "BTC"), or 4.2 BTC per day. This is a decrease of 11% from the 4.6
BTC per day mined in the previous month. The decrease was driven primarily by
greater downtime at Helios from weather-related curtailment and onsite
construction. Additionally, the Helios operations participated in economic
curtailment, which reduces Bitcoin production but generates additional cash
proceeds.

Mining revenue in July amounted to $3.87 million, similar to revenue generated
in the prior month (June 2023: $3.84 million).

As of 31 July 2023, the Company held 46 BTC.

During the month of July, the Company installed and energized 1,242 BlockMiner
machines, representing approximately 130 PH/s, at its Quebec facilities. This
brings the Company's total hashrate capacity to approximately 2.6 EH/s. The
Company expects to receive and deploy the remaining 1,628 BlockMiners in the
coming months.

Seif El-Bakly, Argo's interim Chief Executive Officer, said, "I am thrilled
that we are resuming growth in our total hashrate capacity with the deployment
of the BlockMiner machines. This is a testament to the efforts of our
technical and operations teams, and we look forward to deploying the remaining
machines.

"I am also pleased with our economic curtailment programs that contribute to
the stability of the Texas grid during periods of peak demand while
simultaneously reducing our total power costs."

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 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 Annual Report on Form 20-F.

For further information please contact:

 Argo Blockchain
 Investor Relations                  ir@argoblockchain.com
 Tennyson Securities
 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.
For more information, visit (http://www.argoblockchain.com/)
www.argoblockchain.com (http://www.argoblockchain.com/) .

 

 

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