November Operational Update

RNS Number : 3542H
Argo Blockchain PLC
03 December 2020
 

Press Release

0 3 December 2020

 

Argo Blockchain PLC

('Argo' or 'The Company') 

November Operational Update

 

Argo, the leading cryptocurrency miner based in the UK (LSE:ARB), is pleased to provide the following operational update for November.

During the month of November, Argo mined 115 Bitcoin or Bitcoin Equivalent (BTC) compared to 126 Bitcoin Equivalent in October. The reduction in the number of coins mined in November compared to October is due to changes in mining difficulty and the Zcash halving which took place on 17th November. This takes the total amount of BTC mined year-to-date to 2,369 

Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in November amounted to £1.48 million (October 2020: £1.2 million). Argo generated this income at an average monthly mining margin of approximately 57% for the month of November (October 2020: 40%). 

At the end of October, the company held 178 BTC in Bitcoin and BTC equivalents, in accordance with the Company's asset management strategy. Argo's total mining capacity is 16,000 machines and 645 petahash in addition to 280 Megasols of equihash mining capacity. 

Peter Wall, Chief Executive of Argo, said: " This has been an extremely exciting month for cryptocurrency miners. We have seen the value of Bitcoin climb exponentially to over £14,000 as investors and payment service providers are turning their interest to cryptocurrencies. At Argo, we are continuing to prioritise efficiency in our mining operations and this has enabled us to increase our revenue by 23% this month and achieve our highest mining margin since the halving earlier this year."

This announcement contains inside information.

For further information please visit www.argoblockchain.com or contact:

 

Argo Blockchain

Peter Wall, Chief Executive

Ian MacLeod, Executive Chairman

via Tancredi Tel: +44 203 434 2334

 

Corporate Broker - finnCap Ltd

Jonny Franklin-Adams / Kate Washington 

(Corporate Finance)

Sunila de Silva (Corporate Broking)

 Tel: +44 20 7220 0500

 

Media Relations - Tancredi Intelligent Communications

Salamander Davoudi

 

Emma Valgimigli

 

salamander@tancredigroup.com

Tel: +44 7957 549 906

emma@tancredigroup.com

Tel: +44 7727 180 873

 

 

 

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDKZMGZGZRGGZZ
UK 100

Latest directors dealings