Argo Blockchain PLC June Operational Update (1820S)
July 07 2020 - 1:00AM
UK Regulatory
TIDMARB
RNS Number : 1820S
Argo Blockchain PLC
07 July 2020
Press Release
07 July 2020
This announcement contains inside information.
Argo Blockchain PLC
('Argo' or 'The Company')
June Operational Update
Argo, the leading cryptocurrency miner based in the UK
(LSE:ARB), is pleased to provide the following operational update
for June 2020.
During the month of June, Argo mined 180 Bitcoin or Bitcoin
Equivalent (BTC) compared to 252 Bitcoin Equivalent in May. This
takes the total amount of BTC mined in the first six months of this
year to 1,669 BTC. Based on daily foreign exchange rates and
cryptocurrency prices during the month, mining revenue in May
amounted to GBP1.41 million (May 2020: GBP1.93 million). Argo
generated this income at an average monthly mining margin of
approximately 27% for the month of June (May 2020: 34%).
The reduction in the number of coins mined and mining margin
month-on-month was largely a result of this being the first full
month after the halving, a rise in mining difficulty mid-month and
an adjustment to more cost-efficient mining. Argo's technical team
continues to fine-tune the efficiency of our mining infrastructure
for the greatest margin possible given the variables of price,
difficulty and operating parameters. Argo employs proprietary
applications to adjust the power consumption and efficiency of its
mining hardware for different outcomes whether that be pure output
or gross margin depending on market conditions.
At the end of June, the company held 118 BTC in Bitcoin and BTC
equivalents, in accordance with the Company's asset management
strategy.
In addition, the Company has repaid the debt it took out last
year leaving only this year's debt relating to the Company's recent
purchase of 750 Bitmain Z11 mining units outstanding.
Argo's total mining capacity now stands at 18,000 machines and
730 Petahash, a 244% increase in hashpower from the end of last
year. In addition, the company now has 280 Megasols of equihash
mining capacity.
Peter Wall, Chief Executive Officer of Argo, said: " Argo
continues to progress its strategy to be one of the world's largest
and most efficient publicly-listed cryptominers. Despite the
challenging market conditions post-halving the company continues to
deliver some of the best mining margins in the industry. We look to
the future with much confidence."
For further information please contact:
Argo Blockchain
Peter Wall via Tancredi +44 203 434
Chief Executive 2334
Ian MacLeod
Executive Chairman
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Corporate Broker
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Mirabaud
Peter Krens +44 203 167 7221
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Media Relations
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Tancredi Intelligent Communications salamander@tancredigroup.com
Salamander Davoudi +44 7957 549 906
Emma Valgimigli
emma@tancredigroup.com
+44 7727 180 873
-----------------------------
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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END
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