Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]
February 05 2024 - 6:25AM
Edgar (US Regulatory)
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, 2024
Commission File Number: 001-40816
_____________________
Argo Blockchain plc
(Translation of registrant’s name into English)
_____________________
Eastcastle House
27/28 Eastcastle Street
London W1W 8DH
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.
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
Argo
January Operational Update dated 05 February 2024
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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: $6.6
million).
As of 31 January 2024, the Company held digital assets worth the
equivalent of 18 Bitcoin.
|
Month
|
Bitcoin Mined
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Unaudited Mining Revenue, excluding power credits ($USD in
millions)
|
|
January 2024
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124
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$5.3
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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:
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Argo Blockchain
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Investor Relations
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ir@argoblockchain.com
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Tennyson Securities
|
|
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Corporate
Broker
Peter Krens
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+44 207 186 9030
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Fortified Securities
|
|
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Joint
Broker
Guy Wheatley, CFA
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+44 7493 989014
guy.wheatley@fortifiedsecurities.com
|
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Tancredi Intelligent Communication
UK
& Europe Media Relations
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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.
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:
05 February,2024
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ARGO BLOCKCHAIN PLC
By:
/s/ Jim
MacCallum
Name:
Jim MacCallum
Title:
Chief Financial Officer
|
Argo Blockchain (PK) (USOTC:ARBKF)
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