Argo Blockchain PLC Announces October Operational Update

Rhea-AI Summary

Argo Blockchain, a global leader in cryptocurrency mining, has provided an operational update for October 2023. The company mined 143 Bitcoin or Bitcoin Equivalents (BTC), or 4.6 BTC per day. Despite a 7% increase in network difficulty, Argo was able to increase its daily BTC production by 2% compared to the prior month. Mining revenue in October amounted to $4.26 million, a 19% increase compared to September. The company currently holds 21 BTC.

October Operational Update

LONDON, UK / ACCESSWIRE / November 3, 2023 / Argo Blockchain plc, ("Argo" or "the Company") a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), is pleased to provide the following operational update for October 2023.

During the month of October, the Company mined 143 Bitcoin or Bitcoin Equivalents (together, "BTC"), or 4.6 BTC per day. The Company was able to increase its daily BTC production in October by 2% compared to the prior month, despite a 7% increase in the monthly average network difficulty in October compared to September. This is primarily due to fewer hours of economic curtailment at Helios in October, along with a strong focus on operational excellence across the Company.

Mining revenue in October 2023 amounted to $4.26 million, an increase of 19% compared to the prior month (September 2023: $3.59 million). As of 31 October 2023, the Company held 21 BTC.

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 source version on accesswire.com:
https://www.accesswire.com/799211/argo-blockchain-plc-announces-october-operational-update

FAQ

What is the company name mentioned in the press release?

The company mentioned in the press release is Argo Blockchain.

What is the main focus of Argo Blockchain?

Argo Blockchain is a global leader in cryptocurrency mining.

How many Bitcoin or Bitcoin Equivalents (BTC) did Argo mine in October?

Argo mined 143 Bitcoin or Bitcoin Equivalents (BTC) in October.

What was Argo's daily BTC production in October?

Argo produced 4.6 BTC per day in October.

How did Argo's daily BTC production change compared to the prior month?

Argo increased its daily BTC production by 2% compared to the prior month.

What was the increase in network difficulty in October compared to September?

Network difficulty increased by 7% in October compared to September.

What was Argo's mining revenue in October?

Argo's mining revenue in October amounted to $4.26 million.

How does Argo's mining revenue in October compare to September?

Argo's mining revenue increased by 19% compared to September.

How many BTC does Argo currently hold?

Argo currently holds 21 BTC.