07 June 2023
Argo Blockchain plc, a global leader in cryptocurrency mining (LSE: ARB; NASDAQ: ARBK), is pleased to provide the following operational update for May 2023.
During the month of May, Argo mined 173 Bitcoin or Bitcoin Equivalents (together, “BTC”), or 5.6 BTC per day. This is an increase of 16% compared to the 4.8 BTC mined per day in April 2023. The increase in BTC production was driven by increased uptime and operational efficiency across the Company’s mining fleet, as well as an increase in transaction fees on the Bitcoin network.
Mining revenue in May amounted to $4.75 million, an increase of 14% over the prior month (April 2023: $4.17 million).
As of 31 May 2023, the Company held 50 BTC, which is a decrease from 83 BTC held at the end of April. During the month of May, the Company sold certain digital assets and plans to use the proceeds to pay down debt.
The Company's total hashrate capacity continues to be 2.5 EH/s. The Company expects to add new BlockMiner machines at its Quebec facilities later this year, which is expected to increase the Company’s total hashrate capacity by 12% to approximately 2.8 EH/s.
Seif El-Bakly, Argo’s Interim CEO, said, “I’m pleased by the significant increase in the Company’s BTC production during the month of May. This is a testament to the hard work of our mining operations team to optimise performance across our fleet. Over the long term, I believe increased Bitcoin network activity has the potential to drive demand for blockspace and increase miner fees."
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 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 Annual Report on Form 20-F.
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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 https://argoblockchain.com.