Argo Blockchain PLC Operational Update for March (8199I)
April 06 2020 - 2:00AM
UK Regulatory
TIDMARB
RNS Number : 8199I
Argo Blockchain PLC
06 April 2020
Press Release
06 April 2020
Argo Blockchain PLC
('Argo' or 'The Company')
March Operational Update
Argo, the leading cryptocurrency miner based in the UK
(LSE:ARB), is pleased to provide the following operational update
for March 2020.
The Company mined 333.8 Bitcoin or Bitcoin Equivalent (BTC)
during the month of March, compared to 337.5 Bitcoin Equivalent in
February. This takes the total amount of BTC mined during the first
three months of this year to 918 BTC, a record level for the
company and more than double the amount mined during the previous
three months.
Based on daily foreign exchange rates and cryptocurrency prices
during the month, the Company generated mining revenue in March of
GBP1.8 million (Feb 2020: GBP2.5 million). Argo generated this
income at a mining margin of 42% and the Company continues to
consider its operations to be among the most efficient in the
market. Mining conditions were harder in March as algorithmic
difficulty increased early in the month, and Bitcoin prices then
saw a sharp decline in the second week of the month.
Revenues generated in the first quarter of 2020 amounted to GBP6
million (US$7.67 million) based on average currency rates for the
period.
As previously announced, the Company's order of 1,000 Bitmain
Antminer S17+ machines remains on track. The new hardware is
expected to be delivered and installed by the end of April and will
bring Argo's total BTC mining capacity to around 730 PH, an
increase of approximately 10%.
The Company's mining operations, which are in North America,
have not been impacted by Covid-19. Argo's management and staff are
working remotely and all mining facilities are running as
normal.
Peter Wall, chief executive of Argo, said: "Despite challenging
conditions the company continues to deliver some of the best mining
margins in the industry. This reflects Argo's high-quality mining
infrastructure and expertise."
This announcement contains inside information.
For further information please contact:
Argo Blockchain
Peter Wall via Tancredi +44 203
Chief Executive 434 2334
Neil Thapar
Financial Communications +44 7876 455323
Adviser
---------------------
Mirabaud
---------------------
Corporate Broker
Peter Krens +44 203 167 7221
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Tancredi Communication
Media Relations
---------------------
Salamander Davoudi
salamander@tancredigroup.com +44 7957 549 906
Emma Valgimigli
emma@tancredigroup.com +44 7727 180 873
---------------------
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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