Argo Blockchain PLC Announces Expansion of Mining Capacity

Rhea-AI Summary

Argo Blockchain has signed a purchase agreement for 20,000 Bitmain Antminer S19J Pro machines, which will be paid in installments before shipment. This acquisition will enhance Argo's hashrate by over 2 Exahash, increasing its total mining capacity to 3.7 Exahash by the end of Q3 2022. The initial deposit is funded by cash reserves, with deliveries expected between Q2 2022 and Q3 2022. The company highlights its ongoing relationship with Bitmain.

Positive

• Signed purchase agreement for 20,000 Antminer S19J Pro machines.
• Expected increase in hashrate by over 2 Exahash.
• Total mining capacity projected to reach 3.7 Exahash by Q3 2022.

Negative

• Potential delays in delivery due to component supply shortages.
• Risk of disruptions to current mining fleet affecting future hashrate.

LONDON, ENGLAND / ACCESSWIRE / September 30, 2021 / Argo Blockchain, a global leader in cryptocurrency mining (LSE:ARB; NASDAQ:ARBK), is pleased to announce that it has executed a purchase agreement for 20,000 Bitmain Antminer S19J Pro machines, to be paid in periodic installments before final shipment. The initial deposit is currently being funded by the Company's cash reserves. The machines are expected to increase Argo's hashrate by over 2 Exahash and are expected to be delivered and installed at the Company's future Texas facility in monthly batches from Q2 2022 through Q3 2022. Based on existing capacity and previous orders, Argo's mining capacity is expected to be 1.7 Exahash by mid-Q4 2021. This expansion will bring the Company's total mining capacity to 3.7 Exahash by the end of Q3 2022. The Company is pleased to continue and strengthen its longstanding relationship with Bitmain.

This announcement contains inside information and forward looking statements, including with respect to delivery schedules and future hashrate. Actual results could differ from those described herein for a variety of reasons, including unanticipated delays in machine delivery due to component supply shortages or other reasons, or disruptions to the Company's current mining fleet that could reduce future hashrate. 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 FCA and the United States Securities and Exchange Commission, including the section entitled "Risk Factors" in the Company's Registration Statement on Form F-1.

For further information please contact:

Argo Blockchain
Peter Wall Chief Executive	via Tancredi +44 203 434 2334
finnCap Ltd
Corporate Finance Jonny Franklin-Adams Tim Harper 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
Emma Valgimigli Emma Hodges Salamander Davoudi argoblock@tancredigroup.com	+44 7727 180 873 +44 7861 995 628 +44 7957 549 906

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 and on the Nasdaq Global Select Market in the United States under the ticker: ARBK.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Argo Blockchain PLC

View source version on accesswire.com:
https://www.accesswire.com/666291/Argo-Blockchain-PLC-Announces-Expansion-of-Mining-Capacity

FAQ

What is the significance of Argo Blockchain's purchase of 20,000 Antminer S19J Pro machines?

The purchase is expected to increase Argo's hashrate significantly, enhancing its mining capacity.

When will the new mining machines be delivered?

Delivery is expected in monthly batches from Q2 2022 through Q3 2022.

How much will Argo's mining capacity increase after the new machines are installed?

Argo's total mining capacity is expected to increase to 3.7 Exahash by the end of Q3 2022.

What financial impact does the purchase agreement have on Argo Blockchain?

The initial deposit is funded by the company's cash reserves, indicating a commitment to expanding operations.

What risks are associated with Argo Blockchain's new mining machines?

Risks include potential delivery delays and disruptions to the current mining fleet that may affect future hashrate.