Argo Blockchain PLC Announces January Operational Update

Rhea-AI Summary

Argo Blockchain plc has released its operational update for January 2023, reporting a 14% increase in Bitcoin mined, totaling 168 BTC due to fewer curtailment hours from December's severe winter storm. Despite a 3% increase in network difficulty, mining revenue rose to $3.42 million, up from $2.49 million in December. The company held 115 BTC as of January 31. Argo announced it will no longer report monthly mining profits following operational changes at Helios, opting for quarterly updates instead. Additionally, a class action lawsuit has been filed against the company, which it intends to vigorously defend.

Positive

• 14% increase in Bitcoin mined (168 BTC) compared to December.
• Mining revenue increased to $3.42 million in January, up from $2.49 million.

Negative

• Class action lawsuit filed against the company (Murphy vs Argo Blockchain) on January 26, 2023.

LONDON, UK / ACCESSWIRE / February 8, 2023 / Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), is pleased to provide the following operational update for January 2023.

During the month of January, Argo mined 168 Bitcoin or Bitcoin Equivalents (together, BTC), which is an increase of 14% compared to 147 BTC mined in December 2022. The increase in BTC mined was primarily due to fewer curtailment hours in January compared to December, when a severe winter storm impacted much of the United States. This was partially offset by higher network difficulty, which on average, was 3% higher in January than in the prior month.

As of 31 January 2023, the Company held 115 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 January amounted to $3.42 million [£2.80 million*] (December 2022 $2.49 million [£2.07 million*].

The Company continues to work closely with Galaxy Digital Holdings, Ltd. (TSX:GLXY) as they take over operations at Helios. Due to the change in ownership of Helios, Argo will no longer disclose mining profit on a monthly basis; it will no longer include the non-IFRS reconciliation table in its monthly operational updates. The Company will continue to provide these figures on a quarterly basis and in its financial statements.

Class Action Lawsuit

The Company also wishes to address the class action lawsuit that has been filed against the Company. The case, Murphy vs Argo Blockchain plc et al, was filed in the Eastern District of New York on 26 January 2023. Argo has engaged McDermott, Will, and Emery, LLP as its defence counsel. The Company refutes all of the allegations and believes that this class action lawsuit is without merit. Argo will vigorously defend itself against the action.

Inside Information and Forward-Looking Statements

This announcement contains inside information and includes forward-looking statements which reflect the Company's or, as appropriate, the Directors' 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 Registration Statement on Form F-1.

For further information please contact:

Argo Blockchain
Peter Wall Chief Executive	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 Emma Valgimigli Fabio Galloni-Roversi Monaco Nasser Al-Sayed	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. 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.

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/738512/Argo-Blockchain-PLC-Announces-January-Operational-Update

FAQ

What were Argo Blockchain's mining results for January 2023?

Argo Blockchain mined 168 Bitcoin in January 2023, a 14% increase from December.

What is the mining revenue for Argo Blockchain in January 2023?

The mining revenue for January 2023 was $3.42 million, up from $2.49 million in December.

What changes were made to Argo Blockchain's profit reporting?

Argo Blockchain will no longer disclose monthly mining profits, switching to quarterly reporting due to operational changes at Helios.

What legal issues is Argo Blockchain currently facing?

Argo Blockchain is facing a class action lawsuit filed on January 26, 2023, which the company intends to vigorously defend.

How many Bitcoin does Argo Blockchain hold as of January 31, 2023?

As of January 31, 2023, Argo Blockchain held 115 Bitcoin.