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:
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.