Argo Blockchain PLC July Operational Update (2855I)
August 04 2023 - 1:00AM
UK Regulatory
TIDMARB
RNS Number : 2855I
Argo Blockchain PLC
04 August 2023
Press Release
4 August 2023
Argo Blockchain plc
("Argo" or "the Company")
July Operational Update
Argo Blockchain plc, a global leader in cryptocurrency mining
(LSE: ARB; NASDAQ: ARBK), is pleased to provide the following
operational update for July 2023.
During the month of July, the Company mined 129 Bitcoin or
Bitcoin Equivalents (together, "BTC"), or 4.2 BTC per day. This is
a decrease of 11% from the 4.6 BTC per day mined in the previous
month. The decrease was driven primarily by greater downtime at
Helios from weather-related curtailment and onsite construction.
Additionally, the Helios operations participated in economic
curtailment, which reduces Bitcoin production but generates
additional cash proceeds.
Mining revenue in July amounted to $3.87 million, similar to
revenue generated in the prior month (June 2023: $3.84
million).
As of 31 July 2023, the Company held 46 BTC.
During the month of July, the Company installed and energized
1,242 BlockMiner machines, representing approximately 130 PH/s, at
its Quebec facilities. This brings the Company's total hashrate
capacity to approximately 2.6 EH/s. The Company expects to receive
and deploy the remaining 1,628 BlockMiners in the coming
months.
Seif El-Bakly, Argo's interim Chief Executive Officer, said, "I
am thrilled that we are resuming growth in our total hashrate
capacity with the deployment of the BlockMiner machines. This is a
testament to the efforts of our technical and operations teams, and
we look forward to deploying the remaining machines.
"I am also pleased with our economic curtailment programs that
contribute to the stability of the Texas grid during periods of
peak demand while simultaneously reducing our total power
costs."
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:
Argo Blockchain
Investor Relations ir@argoblockchain.com
------------------------------
Tennyson Securities
------------------------------
Corporate Broker
Peter Krens +44 207 186 9030
------------------------------
Tancredi Intelligent Communication
UK & Europe Media Relations
------------------------------
Salamander Davoudi argoblock@tancredigroup.com
Emma Valgimigli
Fabio Galloni-Roversi Monaco
Nasser Al-Sayed
------------------------------
About Argo:
Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK)
blockchain technology company focused on large-scale cryptocurrency
mining. With mining facilities in Quebec, mining operations in
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
.
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
UPDSSLFADEDSEEA
(END) Dow Jones Newswires
August 04, 2023 02:00 ET (06:00 GMT)
Argo Blockchain (LSE:ARB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Argo Blockchain (LSE:ARB)
Historical Stock Chart
From Apr 2023 to Apr 2024