Argo Blockchain PLC November Ops Update

Rhea-AI Summary

Argo Blockchain has released its operational update for November 2024. The company mined 39 Bitcoin during the month, averaging 1.3 BTC per day, which represents a decrease from 46 BTC mined in October 2024. Despite the lower mining output, monthly revenue increased to $3.4 million from $3.0 million in October, attributed to higher hashprice and Bitcoin price realized during November. The company reported holding three BTC equivalent as of November 30, 2024.

Positive

• Mining revenue increased to $3.4 million from $3.0 million month-over-month
• Higher hashprice and BTC price realization in November

Negative

• Bitcoin mining output decreased to 39 BTC from 46 BTC month-over-month
• Low Bitcoin holdings of only 3 BTC equivalent

Insights

Financial Analyst

The November operational update reveals mixed performance metrics for Argo Blockchain. While Bitcoin production decreased by 15.2% to 39 BTC from October's 46 BTC, mining revenue increased by 13.3% to $3.4 million from $3.0 million, primarily driven by higher Bitcoin prices and improved hashprice.

The company's extremely low Bitcoin holdings of just 3 BTC equivalent indicates a continuation of their immediate selling strategy to maintain operations and manage cash flow. This suggests ongoing financial pressure and ability to build reserves despite the recent Bitcoin price rally. The daily production rate of 1.3 BTC appears suboptimal compared to industry peers, potentially indicating operational efficiency challenges or mining capacity.

Market Research Analyst

The crypto mining sector's dynamics significantly impact Argo's performance. Despite lower BTC production, the surge in Bitcoin prices during November (reaching over $37,000) helped boost revenue. However, Argo's minimal Bitcoin holdings strategy differs markedly from competitors who typically maintain larger reserves to capitalize on price appreciation.

The declining month-over-month production numbers raise concerns about the company's competitive position and operational scale in an increasingly crowded mining sector. With a relatively small market cap of $50.3 million, Argo faces challenges in maintaining market share against larger, better-capitalized competitors, particularly as the upcoming Bitcoin halving approaches.

LONDON, UK / ACCESSWIRE / December 4, 2024 / Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), is pleased to provide the following operational update for November 2024.

During the month of November, the Company mined 39 Bitcoin ("BTC"), or 1.3 BTC per day, a decrease from 46 mined in October 2024.

Mining revenue in November 2024 amounted to $3.4 million, an increase from $3.0 million in October 2024 due to the higher hashprice and BTC price realized in November as compared to October. As at 30 November 2024, the Company held three 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 November 2024?

Argo Blockchain mined 39 Bitcoin in November 2024, averaging 1.3 BTC per day.

What was Argo Blockchain's (ARBK) mining revenue in November 2024?

Argo Blockchain's mining revenue in November 2024 was $3.4 million, up from $3.0 million in October 2024.

How many Bitcoin did Argo Blockchain (ARBK) hold as of November 30, 2024?

Argo Blockchain held three Bitcoin equivalent as of November 30, 2024.

Did Argo Blockchain's (ARBK) mining output increase or decrease in November 2024?

Argo Blockchain's mining output decreased in November 2024, mining 39 BTC compared to 46 BTC in October 2024.