Press Release
5 February 2024
Argo Blockchain
plc
("Argo"
or "the Company")
January Operational
Update
Argo Blockchain plc, a global leader
in cryptocurrency mining (LSE: ARB; NASDAQ: ARBK), is pleased to
provide the following operational update for January
2024.
During the month of January, the
Company mined 124 Bitcoin, or 4.0 Bitcoin per day. This 20%
decrease in daily Bitcoin production compared to the prior month
was driven by a 16% decrease in Bitcoin-denominated hashprice, and
to a lesser extent, weather-related curtailments. Hashprice, which
refers to the expected value of hashing power, is a function of the
block subsidy, network difficulty, and transaction fees. The
decrease in hashprice in January 2024 was driven by lower
transaction fees on the Bitcoin network and higher network
difficulty compared to December 2023.
Bitcoin production in January 2024
was negatively impacted by weather-related curtailments at the
Company's facilities in Quebec and at the Helios facility in Texas.
At Helios, the Company's operations were curtailed in response to
winter weather conditions which led to elevated power prices across
Texas, particularly during Winter Storm Heather. The facility
generates power credits during periods of economic curtailment, and
the Company's share of power credits from January 2024 will offset
a portion of the foregone revenue from curtailment.
Mining revenue in January 2024
amounted to $5.3 million, a decrease of 19% compared to the prior
month (December 2023: $6.6 million).
As of 31 January 2024, the Company
held digital assets worth the equivalent of 18 Bitcoin.
|
Month
|
Bitcoin
Mined
|
Unaudited Mining Revenue,
excluding power credits ($USD in millions)
|
|
January 2024
|
124
|
$5.3
|
Management Commentary
Argo's Chief Executive, Thomas
Chippas, said, "Our Bitcoin production decreased in January as
transaction fees retreated from the temporary spike we saw in
December. We also experienced some instances of curtailment as a
result of winter weather in Quebec and Texas, which is a great
reminder of how Bitcoin mining contributes to grid stability during
extreme weather events. Bitcoin miners provide a unique source of
baseload demand which can be quickly curtailed to free up
electricity for other users on the grid."
This announcement contains inside
information.
For further information please
contact:
|
Argo Blockchain
|
|
|
Investor Relations
|
ir@argoblockchain.com
|
|
Tennyson Securities
|
|
|
Corporate Broker
Peter Krens
|
+44
207 186 9030
|
|
Fortified Securities
|
|
|
Joint Broker
Guy
Wheatley, CFA
|
+44
7493 989014
guy.wheatley@fortifiedsecurities.com
|
|
Tancredi Intelligent Communication
UK & Europe Media
Relations
|
argoblock@tancredigroup.com
|
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.
