Expansion of Mining Capacity

RNS Number : 8652Q

Argo Blockchain PLC

24 June 2020

 

Press Release

24 June 2020

Argo Blockchain PLC

('Argo' or 'The Company') 

Operational Update

Argo, a UK-based enterprise-scale crypto miner (LSE:ARB), is pleased to announce an expansion of its mining capacity.

On 19^th June 2020, the Company purchased 750 Bitmain Z11 mining units for US$474,000 to add to the Company's existing 1,000 Bitmain Z11 mining units currently in production. The additional 750 units went into production immediately at the time of acquisition and are currently running at full capacity.

The purchase of these machines was completed using a combination of cash from operations and arm's length financing. The Company considers this to be the most capital efficient means of acquiring these additional machines.

The company selected the Bitmain Antminer Z11, rather than the newer Z15 model, because of the lower price and better value, the company's favourable outlook on Equihash algorithm cryptocurrencies, and the excellent performance of the company's existing Z11s. Based on the Company's conservative projections of mining difficulty rates and current cryptocurrency prices, the Company expects to recoup the cost of this investment in approximately 8 months.

Peter Wall, CEO of Argo Blockchain, said: "We firmly believe that cryptocurrencies are well-positioned to become an even larger asset class, and that the correct strategy is continued investment in mining infrastructure. Argo's existing fleet of Z11s have performed extremely well, and we are pleased to add more equihash mining capacity to our fleet of machines."

For further information please contact:

Argo Blockchain
Peter Wall Chief Executive Ian MacLeod Executive Chairman	via Tancredi [phone]
Corporate Broker
Mirabaud Peter Krens	[phone]
Media Relations
Tancredi Intelligent Communications Salamander Davoudi  Emma Valgimigli	[e-mail] [phone] [e-mail] [phone]

About Argo:

Argo Blockchain plc is a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy. The Company is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB.

argoblockchain.com

See Argo's largest facility in Quebec:

https://youtu.be/LDWWaZ75Zbk

 

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