Argo Blockchain PLC February Operational Update (0670S)
March 07 2023 - 2:00AM
UK Regulatory
TIDMARB
RNS Number : 0670S
Argo Blockchain PLC
07 March 2023
Press Release
7 March 2023
Argo Blockchain plc
("Argo" or "the Company")
February Operational Update
Argo Blockchain plc, a global leader in cryptocurrency mining
(LSE: ARB; NASDAQ: ARBK), is pleased to provide the following
operational update for February 2023.
During the month of February, Argo mined 162 Bitcoin or Bitcoin
Equivalents (together, BTC), or 5.7 BTC per day. This is an
increase of 7% over the 5.4 BTC per day produced in January 2023.
The Company was able to achieve this increase in daily BTC
production despite a 10% increase in average network difficulty in
February compared to the prior month.
As of 28 February 2023, the Company held 101 Bitcoin or Bitcoin
Equivalents.
The Company's total hashrate capacity continues to be 2.5
EH/s.
Based on daily foreign exchange rates and cryptocurrency prices
during the month, mining revenue in February amounted to $3.76
million [GBP3.09 million] (January 2023 $3.42 million [GBP2.80
million].
Argo's Interim CEO, Seif El-Bakly, said, "I'm proud of the team
for increasing our average daily Bitcoin production despite the
increase in average network difficulty in February when compared to
January. This is a testament to the hard work put in by our
technology and operations teams. We continue to focus on
strengthening our internal business processes and striving for
operational excellence."
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 not 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 Registration Statement on Form F-1.
For further information please contact:
Argo Blockchain
Investor Relations ir@argoblockchain.com
------------------------------
finnCap Ltd
------------------------------
Corporate Finance
Jonny Franklin-Adams
Seamus Fricker
Joint Corporate Broker
Sunila de Silva +44 207 220 0500
------------------------------
Tennyson Securities
------------------------------
Joint 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. Argo also participates in several Web 3.0, DeFi and
GameFi projects through its Argo Labs division, further
contributing to its business operations, as well as the development
of the cryptocurrency markets. For more information, visit
www.argoblockchain.com .
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