Welcome to our dedicated page for Argo Blockchain Plc news (Ticker: ARBK), a resource for investors and traders seeking the latest updates and insights on Argo Blockchain Plc stock.
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, a global cryptocurrency mining company, has announced it will release its Q3 2024 financial results on November 20, 2024. The company will host a conference call at 10:00 ET / 15:00 GMT on the same day to discuss the results. The call will be accessible to all shareholders via the Investor Meet Company platform, where participants can submit questions before and during the presentation.
Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) has announced two significant updates. First, the company has signed a non-binding LOI with BE Global Development to explore expanding its Baie-Comeau facility into high-performance computing (HPC), diversifying beyond Bitcoin mining into data processing and AI applications. This expansion will require additional financing and may need shareholder approval.
Second, Galaxy has informed Argo that it will not renew the current hosting agreement at the Helios facility beyond December 28, 2024. Galaxy plans to utilize the space for HPC operations instead. Argo is evaluating options for its fleet of 23,000 S19j Pro miners currently hosted at Helios.
Argo Blockchain reported its operational update for October 2024, showing improved mining performance. The company mined 46 Bitcoin (1.5 BTC per day), marking a 24% increase from September's production. Mining revenue reached $3.0 million, up 36% from September's $2.2 million. The improved performance was attributed to increased uptime due to lower power costs and stronger hashprice during October. The company reported holding two BTC equivalent at month's end.
Argo Blockchain plc, a global cryptocurrency mining leader (LSE:ARB)(NASDAQ:ARBK), has released its operational update for September 2024. The company mined 37 Bitcoin (BTC) during the month, maintaining a consistent rate of 1.2 BTC per day from August 2024. However, BTC production was affected by economic curtailments and low hash price.
Mining revenue in September 2024 decreased to $2.2 million from $2.3 million in August 2024. The mining margin for Q3 fell below 10%, lower than Q2 due to a lower hash price and higher power prices. As of September 30, 2024, Argo Blockchain held 4 BTC equivalent.
Argo Blockchain plc (LSE:ARB)(NASDAQ:ARBK) announced its H1 2024 results, showing an 18% increase in revenue to $29.3 million compared to H1 2023. Despite the Bitcoin halving and a 46% decrease in Bitcoin mined, the company's mining margin improved to $11.5 million. Key highlights include:
- Reduced Galaxy loan from $23.5 million to $5.3 million, fully repaid in August 2024
- Raised $9.9 million through share issuance in January 2024
- Sold Mirabel data centre for $6.1 million, consolidating operations
- Recorded $22 million impairment on mining machines
- Net loss of $32.7 million for H1 2024
- Adjusted EBITDA of $5.7 million
CEO Thomas Chippas emphasized the company's focus on financial discipline and operational efficiency, positioning Argo to explore growth opportunities and strategic initiatives.
Argo Blockchain plc (LSE:ARB)(NASDAQ:ARBK), a global leader in cryptocurrency mining, has announced that its Q2 2024 results will be released on August 28, 2024. The company will host a conference call to discuss the results at 10:00 ET / 15:00 BST on the same day. The call will be accessible via the Investor Meet Company platform, allowing existing and potential shareholders to participate and submit questions before or during the presentation.
Investors can register for the event through the provided link. Those already following Argo Blockchain on the platform will receive automatic invitations. This announcement demonstrates Argo's commitment to transparency and shareholder engagement, providing an opportunity for investors to gain insights into the company's performance and future outlook.
Argo Blockchain plc, a global cryptocurrency mining leader (LSE:ARB)(NASDAQ:ARBK), has applied for a block listing of 31,406,429 ordinary shares with the Financial Conduct Authority and London Stock Exchange. This is related to a warrant granted to an investor from the company's July 30, 2024 fundraising. The Block Listing Shares are expected to be admitted to trading on August 16, 2024. These shares represent the remaining balance of Argo's exemption from issuing a prospectus under Prospectus Regulation Rules. The company plans to apply for an additional block listing of 26,393,571 ordinary shares in January 2025. When issued, the new shares will have equal ranking with existing ordinary shares.
Argo Blockchain plc (LSE:ARB)(NASDAQ:ARBK) has fully repaid its $35 million loan from Galaxy Digital Holdings, (GLXY) ahead of schedule. The loan, originally extended on December 28, 2022, was repaid over four months early and nearly 18 months ahead of the original repayment schedule. Repayments began in May 2023, with the loan balance at June 30, 2024, standing at approximately $5.7 million.
The company repaid $11.5 million in 2023 and the remaining $23.5 million in 2024. Interest expense on the Galaxy debt was $4.6 million in 2023 and $1.4 million through August 9, 2024. CEO Thomas Chippas stated that this early repayment demonstrates Argo's financial discipline and commitment to optimizing its capital structure for long-term shareholder value.
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.
Argo Blockchain PLC (ARBK) has announced a significant change in its major holdings. Armistice Capital , based in New York, USA, has acquired a 9.067306% stake in the company, representing 57,700,000 voting rights. This threshold was crossed on July 31, 2024, and the issuer was notified on August 1, 2024. Additionally, Armistice Capital holds 57,800,000 warrant shares with the right to subscribe to an equal number of unissued shares, subject to a 4.99% blocker. The notification was made in compliance with the TR-1 standard form for major holdings disclosure, as required by the UK Financial Conduct Authority.
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