REG - Argo Blockchain PLC - March Ops Update

Argo BlockchainAnnouncement

05/04/2024 07:00

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RNS Number : 4137J  Argo Blockchain PLC  05 April 2024

Press Release

5 April 2024

Argo Blockchain plc

("Argo" or "the Company")

March Operational Update

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

During the month of March, the Company mined 103 Bitcoin, or 3.3 Bitcoin per
day. This is a 5% increase in daily Bitcoin production compared to the prior
month, despite a 4% higher average network difficulty in March 2024.

In March 2024, the Company sold its Mirabel facility and relocated its mining
machines from Mirabel to its facility in Baie Comeau, Quebec. The relocated
miners were deployed and actively hashing at Baie Comeau before the end of
March, and the relocation had minimal impact on monthly Bitcoin production. .

Mining revenue in March 2024 amounted to $7.0 million, an increase of 55%
compared to the prior month (February 2024: $4.5 million).

As of 31 March 2024, the Company held digital assets worth the equivalent of
26 Bitcoin.

Argo CEO Thomas Chippas said, "I'm pleased by the increase in daily Bitcoin
production we achieved in March, despite an increase to average network
difficulty and the limited downtime from relocating our miners to Baie Comeau
following the sale of our Mirabel facility. As we approach the halving, we
continue to focus on streamlining our operations and running as efficiently as
possible."

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 (mailto:ir@argoblockchain.com)
 Tennyson Securities
 Corporate Broker                    +44 207 186 9030

 Peter Krens
 Fortified Securities
 Joint Broker                        +44 74930989014

 Guy Wheatley, CFA                   guy.wheatley@fortifiedsecurities.com
                                     (mailto:guy.wheatley@fortifiedsecurities.com)
 Tancredi Intelligent Communication  argoblock@tancredigroup.com (mailto: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
operations in Quebec and 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 www.argoblockchain.com (http://www.argoblockchain.com/) .

 

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