REG - Argo Blockchain PLC - September Operational Update

Argo BlockchainAnnouncement

05/10/2023 07:00

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RNS Number : 7433O  Argo Blockchain PLC  05 October 2023

Press Release

5 October 2023

Argo Blockchain plc

("Argo" or "the Company")

 

September Operational Update

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

During the month of September, the Company mined 136 Bitcoin or Bitcoin
Equivalents (together, "BTC"), or 4.5 BTC per day, and accrued significant
power credits from economic curtailment. The power credits reduce the
Company's electricity costs, improve its mining margin, and increase its cash
flow. The 34% increase in BTC mined compared to August 2023 (3.4 BTC per day)
is primarily due to fewer hours of curtailment at Helios in September. This
increase in Bitcoin production was partially offset by a 4% increase in
average network difficulty in September 2023 relative to August 2023.

Mining revenue in September 2023 amounted to $3.59 million, an increase of 23%
compared to the prior month (August 2023: $2.93 million).

As of 30 September 2023, the Company held 32 BTC. The drop in BTC from 49 at
the end of August 2023 is primarily due the periodic revaluation of the
Company's non-Bitcoin digital asset holdings.

During the month of September, the Company completed the deployment of its
BlockMiner machines. The BlockMiner fleet represents approximately 0.3 EH/s of
hashrate capacity deployed at the Company's Quebec facilities, and the
Company's total hashrate capacity is now approximately 2.8 EH/s.

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
 Fortified Securities
 Joint Broker                        +44 7493 989014

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

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

 Helen Humphrey

 

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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