UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 6-K
_____________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE
13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February, 2022
Commission File Number: 001-40816
_____________________
Argo Blockchain plc
(Translation of registrant’s name into
English)
_____________________
9th Floor
16
Great Queen Street
London WC2B 5DG
England
(Address of
principal executive office)
_____________________
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form
20-F ☒
Form 40-F
☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): ☐
EXHIBIT INDEX
Exhibit
No.
1
|
Description
January
2022 Operational Update dated 07 February 2022
|
Press Release
07 February 2022
Argo Blockchain PLC
("Argo" or "the Company")
January 2022 Operational Update
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 2022.
During the month of January, Argo mined 172 Bitcoin or Bitcoin
Equivalent (together, BTC) compared to 214 BTC in December 2021.
This reduction during January is primarily due to an increase in
network difficulty.
Based on daily foreign exchange rates and cryptocurrency prices
during the month, mining revenue in January amounted to £5.26
million [$7.10 million*] (December 2021: £7.82 million
[$10.55
million*]).
Argo generated this income at a Bitcoin and Bitcoin Equivalent
Mining Margin of approximately 74% for the month of January
(December 2021: 83%).
At the end of January, the Company owned 2,748 Bitcoin of which 262
were BTC equivalents.
Peter Wall, Chief Executive of Argo and interim Chairman, said: "As
our mining operations continue to develop and the completion date
of Helios, our new mining facility, approaches, this month we have
laid the foundations for executing our growth strategy for 2022 and
achieving the objectives we have set for the Company in the year
ahead".
Non-IFRS Measures
Bitcoin and Bitcoin Equivalent Mining Margin is a financial measure
not defined by IFRS. We believe Bitcoin and Bitcoin Equivalent
Mining Margin has limitations as an analytical tool. In particular,
Bitcoin and Bitcoin Equivalent Mining Margin excludes the
depreciation of mining equipment and so does not reflect the full
cost of our mining operations, and it also excludes the effects of
fluctuations in the value of digital currencies and realized losses
on the sale of digital assets, which affect our IFRS gross profit.
This measure should not be considered as an alternative to gross
margin determined in accordance with IFRS, or other IFRS measures.
This measure is not necessarily comparable to similarly titled
measures used by other companies. As a result, you should not
consider this measure in isolation from, or as a substitute
analysis for, our gross margin as determined in accordance with
IFRS.
The following table shows a reconciliation of gross margin to
Bitcoin and Bitcoin Equivalent Mining Margin, the most directly
comparable IFRS measure, for the months of December 2021 and
January 2022.
|
|
|
|
|
|
Month Ended 31 December 2021
|
Month Ended 31January 2022
|
|
£
|
$
|
£
|
$
|
Gross (loss)
|
(12,593,995)
|
(17,008,110)
|
(13,204,218)
|
(17,832,213)
|
Gross Margin¹
|
(161%)
|
(161%)
|
(251%)
|
(251%)
|
Depreciation of mining equipment
|
1,444,614
|
1,950,942
|
1,284,142
|
1,734,226
|
Charge in fair value of digital currencies
|
18,271,429
|
24,675,448
|
15,460,310
|
20,879,050
|
Realised loss on sale of digital currencies
|
740,713
|
1,000,328
|
331,171
|
447,244
|
Cryptocurrency management fees²
|
(1,388,635)
|
(1,875,343)
|
-
|
-
|
|
|
|
|
|
Mining Profit
|
6,474,126
|
8,743,265
|
3,871,405
|
5,228,308
|
Bitcoin and Bitcoin Equivalent Mining Margin
|
83%
|
83%
|
74%
|
74%
|
|
|
|
|
|
|
(1) Due to unfavourable changes in fair value of Bitcoin and
Bitcoin Equivalents in December 2021 and January 2022 there was a
loss on change in fair value of digital currencies.
|
|
(2) The cryptocurrency management fees include the settlement
amount with Celsius and as such are higher than normal in December
2021.
|
|
|
|
|
|
|
|
|
|
|
*Dollar values translated from pound sterling into U.S. dollars
using the noon buying rate of the Federal Reserve Bank of New York
as at the applicable dates.
Forward-Looking Information
This announcement contains inside information and includes
forward-looking statements which reflect the Company's or, as
appropriate, the Directors' 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 "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.
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 Registration Statement on Form
F-1.
For further information please contact:
Argo
Blockchain
|
|
Peter
Wall
Chief
Executive
|
via Tancredi +44 203 434 2334
|
finnCap Ltd
|
|
Corporate
Finance
Jonny Franklin-Adams
Tim Harper
Joint
Corporate Broker
Sunila
de Silva
|
+44
207 220 0500
|
Tennyson Securities
|
|
Joint
Corporate Broker
Peter Krens
|
+44
207 186 9030
|
OTC Markets
|
|
Jonathan
Dickson
jonathan@otcmarkets.com
|
+44
204 526 4581
+44
7731 815 896
|
Tancredi Intelligent Communication
UK
& Europe Media Relations
|
|
Emma Valgimigli
Emma Hodges
Salamander Davoudi
Fabio Galloni-Roversi Monaco
argoblock@tancredigroup.com
|
+44 7727 180 873
+44 7861 995 628
+44 7957 549 906
+44 7888 672 701
|
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 and on the Nasdaq Global Select Market in the
United States under the ticker: ARBK.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date:
07 February, 2022
|
ARGO BLOCKCHAIN PLC
By:
Name:
Peter Wall
Title:
Chief Executive Officer
Name:
Davis Zaffe
Title:
General Counsel
|
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