October Operational Update

RNS Number : 3147E

Argo Blockchain PLC

05 November 2020

 

Press Release

05 November 2020

Argo Blockchain PLC

('Argo' or 'The Company') 

October Operational Update 

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

During the month of October, Argo mined 126 Bitcoin or Bitcoin Equivalent (BTC) compared to 127 Bitcoin Equivalent in September. This takes the total amount of BTC mined year-to-date to 2,254 BTC. 

Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in October amounted to £1.2 million (September 2020: £1.1 million). Argo generated this income at an average monthly mining margin of approximately 40% for the month of October (September 2020: 37%). 

At the end of October, the company held 137 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. 

During the month of October Argo worked closely with Bitmain to arrive at a solution for the previously mentioned underperforming Bitmain T17 Antminers. As part of the solution agreed with Bitmain, some of these machines have now been retired and the company's overall petahash capacity has been reduced by 85 petahash. 

Peter Wall, Chief Executive of Argo, said: "Argo has produced consistent mining revenue this month at a very healthy margin and continues to be one of the world's most efficient publicly-listed cryptominers. We are delighted to have resolved the issues with some of our underperforming machines and Bitmain remains a valuable partner. Having successfully carried out a significant capital investment programme we are in pole position to benefit from improving industry conditions."

This announcement contains inside information.

For further information please contact:

Argo Blockchain
Peter Wall,  Chief Executive Ian MacLeod,  Executive Chairman	via Tancredi Tel: [phone]
Corporate Broker - finnCap Ltd
Jonny Franklin-Adams / Kate Washington  (Corporate Finance) Richard Chambers (Corporate Broking)	Tel: [phone]
Media Relations - Tancredi Intelligent Communications
Salamander Davoudi Emma Valgimigli	[e-mail] Tel: [phone] [e-mail] Tel: [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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