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Argo Blockchain plc is a leading blockchain technology company specializing in large-scale cryptocurrency mining. Dual-listed on the London Stock Exchange (LSE: ARB) and NASDAQ (ARBK), Argo operates state-of-the-art data centers in Quebec and Texas, which are powered predominantly by renewable energy. With a mission to make cryptocurrency mining accessible and efficient for everyone, Argo offers a user-friendly platform that enables customers to mine Bitcoin, Ethereum, and other altcoins directly from their computers or mobile devices. Argo's platform provides seamless access to its high-performance mining rigs, ensuring that users can engage in crypto-mining with just a click and a transparent monthly fee.
In recent developments, Argo has made significant strides in optimizing its operations and strengthening its financial position. The company recently sold its Mirabel, Quebec data center for $6.1 million, which enabled it to reduce its debt significantly. The mining machines from the Mirabel facility were successfully relocated to Argo's Baie Comeau facility, further streamlining operations and reducing non-mining operating expenses by approximately $0.7 million per year.
Argo's commitment to sustainability is evident as it became the first climate-positive cryptocurrency mining company in 2021 and a signatory to the Crypto Climate Accord. The company's operations prioritize environmental sustainability, leveraging hydroelectric power in Quebec and renewable sources in Texas.
Financially, Argo has shown resilience and growth even amidst market volatility. The company reported a 5% increase in daily Bitcoin production in March 2024 and achieved a monthly mining revenue of $7.0 million. The company’s net loss for Q1 2024 was $3.2 million, but it demonstrated strong revenue performance with $16.8 million, and a 4% increase compared to Q4 2023. Additionally, Argo has consistently reduced its debt, lowering the balance to $12.8 million as of March 2024, achieving a 63% reduction from the original debt amount.
With a focus on financial discipline, operational excellence, and strategic partnerships, Argo continues to explore opportunities to pair mining with stranded or wasted energy, aiming to optimize renewable energy usage. As the company navigates the evolving cryptocurrency landscape, it remains dedicated to delivering value to its shareholders and maintaining its leadership position in the industry.
Argo Blockchain has announced additional loans totaling up to $70.60 million from NYDIG to finance digital asset mining equipment for its Helios facility in Texas. The loans, secured by the equipment and acquisition contracts, will support ongoing development at the site. Each loan has a 12% interest rate and varying maturity dates, primarily through 2024. CEO Peter Wall expressed optimism about the partnership, indicating it will enhance Argo's capacity in the competitive cryptocurrency mining sector.
Argo Blockchain plc announced its audited results for the year ended December 31, 2021, showcasing a 291% increase in revenue to £74.2 million ($100.1 million). This surge was fueled by a significant rise in Argo's hashrate, a temporary decline in difficulty on the Bitcoin network, and higher Bitcoin prices. The company reported a 2,033% increase in net income to £30.8 million ($41.5 million) and achieved an EBITDA of £52.9 million ($71.4 million), reflecting a 594% growth. As of March 31, 2022, Argo held 2,700 Bitcoin worth £93.6 million ($122.9 million).
Argo Blockchain announces the release of its 2021 full year results after the close of trading on Nasdaq on April 27, 2022. A conference call to discuss these results will take place on April 28, 2022, at 08:00 ET / 12:00 GMT, open to all shareholders. Interested investors can access the live webcast via the Investor Meet Company platform. Information on how to join is available through the provided link. Argo Blockchain is a prominent player in cryptocurrency mining, focusing on clean energy operations.
Argo Blockchain announced an operational update for March 2022, revealing the mining of 163 Bitcoin, up from 135 in February. Mining revenue reached £5.22 million ($6.92 million), a rise from £4.15 million ($5.58 million). The mining margin improved to approximately 74%, compared to 71% the previous month. The company appointed Seif El-Bakly as Chief Operating Officer, enhancing its leadership team. Additionally, substantial progress on the Helios facility construction was reported, with operations expected to start in Q2 2022.
Argo Blockchain has announced a fleet swap agreement with Core Scientific that involves exchanging its existing Antminer S19 mining fleet for S19J Pro miners. This deal, covering about 60% of Argo's mining capacity, aims to lower operational costs as the company transitions to owning its facilities. The swap will take place in stages between May and July 2022, with Argo avoiding logistics and downtime associated with relocating machines. The agreement signifies a strategic move towards self-sufficiency in mining operations.
Argo Blockchain Plc announced that CEO Peter Wall will present at several investor conferences throughout March 2022. Key events include the 34th Annual Roth Conference on March 14, the Blockchain Infrastructure & Mining Summit on March 17, and the Crypto and Blockchain Summit on March 29-30. Wall expressed enthusiasm for discussing the company's achievements and strategies to expand its mining operations. Updates regarding these events will be available on Argo's website.
Argo Blockchain has entered into a $26.66 million equipment financing agreement with NYDIG to enhance its Helios cryptocurrency mining facility in Texas. The agreement features an interest rate of 8.25% over four years, secured by the purchased equipment. This funding will facilitate the completion of the 200MW Helios facility, expected to commence operations in the first half of 2022. CEO Peter Wall expressed enthusiasm for this non-dilutive funding, highlighting the significance of this partnership in advancing their operations.
Argo Blockchain provided an operational update for February 2022, reporting a decline in Bitcoin production to 135 BTC, down from 172 BTC in January, attributed to heightened global hashrate and extreme weather conditions. Mining revenue for February was £4.15 million ($5.58 million), a decrease from £5.26 million ($7.10 million) in January. The Bitcoin mining margin was approximately 71%. Additionally, the company signed a supply agreement with Intel for a new blockchain accelerator and updated its Helios facility construction, securing an additional 600 MW of power.
Argo Blockchain has appointed Raghav Chopra as an independent non-executive director, effective February 23, 2022. Chopra brings over 15 years of experience in digital assets and technology, having previously served as a Portfolio Manager at AllianceBernstein and held positions at The Carlyle Group and Goldman Sachs. Chief Executive Peter Wall expressed confidence that Chopra's insights will be essential as Argo enhances its position in cryptocurrency mining. The company continues to prioritize clean energy in its operations.
Argo Blockchain provided an operational update for January 2022, reporting a decrease in Bitcoin mining to 172 BTC from 214 BTC in December due to increased network difficulty. Mining revenue fell to £5.26 million ($7.10 million), down from £7.82 million ($10.55 million) in December, with a Bitcoin and Bitcoin Equivalent Mining Margin of 74%, a decline from 83%. The company holds 2,748 Bitcoin, including 262 BTC equivalents. CEO Peter Wall noted progress towards the new Helios mining facility, aiming for growth in 2022.
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