Argo Blockchain PLC Announces July Ops Update

Rhea-AI Summary

Argo Blockchain plc, a global cryptocurrency mining leader (LSE:ARB)(NASDAQ:ARBK), has released its operational update for July 2024. The company mined 48 Bitcoin or Bitcoin Equivalents (BTC), maintaining a consistent rate of 1.5 BTC per day from June 2024. Mining revenue for July reached $3.0 million, slightly up from June's $2.9 million. However, the mining margin decreased to the mid 20% range due to a lower hash price in July compared to June. As of July 31, 2024, Argo Blockchain held 11 BTC equivalent. This update contains inside information and reflects the company's ongoing performance in the cryptocurrency mining sector.

Positive

• Consistent mining rate of 1.5 BTC per day maintained from June to July 2024
• Slight increase in mining revenue from $2.9 million in June to $3.0 million in July 2024

Negative

• Mining margin decreased to mid 20% range in July due to lower hash price
• BTC holdings reduced to 11 BTC equivalent as of July 31, 2024

Financial Analyst

Argo Blockchain's July operational update reveals consistent daily Bitcoin production but hints at profitability challenges. The company mined 48 BTC in July, maintaining the 1.5 BTC per day rate from June. However, the mining margin dropped to the mid 20% range, lower than June's figures due to a decreased hash price.

While mining revenue remained stable at $3.0 million, the margin compression is a concern for investors. This squeeze on profitability, despite steady production, underscores the volatility in the crypto mining sector. The company's BTC holdings of 11 also suggest a strategy of immediate liquidation, possibly to manage operational costs in a challenging market.

Cryptocurrency Market Analyst

Argo's July performance reflects the broader challenges in the crypto mining industry. The consistent daily BTC production is commendable, but the declining mining margin is a red flag. This squeeze is likely due to increased network difficulty and energy costs, coupled with Bitcoin price volatility.

The company's strategy of maintaining low BTC holdings (11 BTC) suggests a cash flow-focused approach, which may be necessary in the current market but limits upside potential if BTC prices surge. Investors should monitor Argo's ability to optimize operations and reduce costs in the coming months, as these factors will be important for maintaining profitability in a competitive and volatile mining landscape.

LONDON, ENGLAND / ACCESSWIRE / August 5, 2024 / Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), is pleased to provide the following operational update for July 2024.

During the month of July, the Company mined 48 Bitcoin or Bitcoin Equivalents (together, "BTC"), or 1.5 BTC per day consistent with June 2024, which also averaged 1.5 BTC per day.

Mining revenue in July 2024 amounted to $3.0 million consistent with the prior month (June 2024: $2.9 million). Mining margin for July 2024 was in the mid 20% range, lower than June as a result of the lower hash price realized in July compared to June. As at 31 July 2024, the Company held 11 BTC equivalent.

This announcement contains inside information.

For further information please contact:

Argo Blockchain
Investor Relations	ir@argoblockchain.com
Tennyson Securities
Corporate Broker Peter Krens	+44 207 186 9030
Fortified Securities
Joint Broker Guy Wheatley, CFA	+44 7493 989014 guy.wheatley@fortifiedsecurities.com
Tancredi Intelligent Communication UK & Europe Media Relations	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.

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 the original press release on accesswire.com

FAQ

How many Bitcoin did Argo Blockchain (ARBK) mine in July 2024?

Argo Blockchain mined 48 Bitcoin or Bitcoin Equivalents (BTC) in July 2024, averaging 1.5 BTC per day.

What was Argo Blockchain's (ARBK) mining revenue for July 2024?

Argo Blockchain's mining revenue for July 2024 was $3.0 million, slightly up from $2.9 million in June 2024.

How did Argo Blockchain's (ARBK) mining margin change in July 2024?

Argo Blockchain's mining margin decreased to the mid 20% range in July 2024, lower than June due to a lower hash price realized in July.

How many Bitcoin did Argo Blockchain (ARBK) hold as of July 31, 2024?

As of July 31, 2024, Argo Blockchain held 11 BTC equivalent.