Argo Blockchain PLC July Operational Update (1416V)
August 05 2020 - 2:00AM
UK Regulatory
TIDMARB
RNS Number : 1416V
Argo Blockchain PLC
05 August 2020
Press Release
05 August 2020
Argo Blockchain PLC
('Argo' or 'The Company')
July Operational Update
Argo, the leading cryptocurrency miner based in the UK
(LSE:ARB), is pleased to provide the following operational update
for July 2020.
During the month of July, Argo mined 165 Bitcoin or Bitcoin
Equivalent (BTC) compared to 180 Bitcoin Equivalent in June. This
takes the total amount of BTC mined year-to-date to 1,834 BTC.
The reduction in the number of coins mined in July compared with
the number mined in June was a result of a rise in mining
difficulty mid-month. Argo continues to mine at the most
cost-efficient mining settings and is pleased with the overall
mining performance given market conditions.
Based on daily foreign exchange rates and cryptocurrency prices
during the month, mining revenue in July amounted to GBP1.25
million (June 2020: GBP1.41 million). Argo generated this income at
an average monthly mining margin of approximately 34% for the month
of July (June 2020: 27%).
At the end of July, the company held 76 BTC in Bitcoin and BTC
equivalents, in accordance with the Company's asset management
strategy.
Argo's total mining capacity stands at 18,000 machines and 730
Petahash in addition to 280 Megasols of equihash mining
capacity.
Peter Wall, Chief Executive of Argo, said: "We are de lighted
the month of July saw Bitcoin break through the US$10,000 barrier
as this will have a material and positive impact on our mining
margins going forward if the price stays above this level. The
directors consider Argo to be one of the most efficient miners in
the sector and well placed to capitalise on the increase in the
price of Bitcoin as a result."
This announcement contains inside information.
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
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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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