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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, a leading cryptocurrency mining company, announced the results of its annual general meeting held on June 6, 2024. Several resolutions were voted on, with resolutions 1, 4, 5, 6, and 7 passed as ordinary resolutions and resolutions 9, 10, and 12 passed as special resolutions. However, resolutions 2, 3, 8, and 11 did not achieve the necessary majority. Key resolutions included the re-appointment of Thomas Chippas as a director and PKF Littlejohn as auditors. Notably, the Directors' Remuneration Report and Policy faced significant opposition, with only 29.62% and 24.59% approval respectively. The company will reflect on the adverse votes and update the market accordingly.
Argo Blockchain PLC (LSE:ARB, NASDAQ:ARBK), a global leader in cryptocurrency mining, has released its operational update for May 2024. During this month, the company mined 45 Bitcoin or Bitcoin equivalents, averaging 1.5 BTC per day, which represents a 55% decrease compared to April 2024 due to the Bitcoin halving event.
May 2024 mining revenue was $2.9 million, down 56% from $6.6 million in April 2024. Despite the revenue drop, the company achieved mining margins of approximately 30% through lower power prices and fleet optimization. As of May 31, 2024, Argo held 11 BTC equivalents.
The company also issued 626,883 new ordinary shares as part of the 2022 Equity Incentive Plan, making the total share capital 578,397,673 ordinary shares with equal voting rights.
Argo Blockchain plc (LSE:ARB, NASDAQ:ARBK), a global leader in cryptocurrency mining, has released its unaudited financial results for Q1 2024, ending March 31, 2024. The company reported a revenue increase of 4% to $16.8 million compared to Q4 2023. Argo mined 319 Bitcoin, averaging 3.5 BTC per day, with a mining margin of 38%, up from 34% in the previous quarter. The company reduced its debt by $12.4 million, ending the quarter with $12.4 million in cash and 11 BTC. A gain of $3.0 million was recorded from the sale of the Mirabel facility. Despite these positives, Argo reported a net loss of $3.2 million for the quarter. Adjusted EBITDA stood at $3.8 million.
Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) will release its Q1 2024 financial results on May 23, 2024. A conference call for shareholders and potential investors is scheduled for the same day at 10:00 ET / 15:00 BST. The call will be accessible via the Investor Meet Company platform, where questions can be submitted in advance or during the live session. Additionally, the company announced that as of April 30, 2024, its share capital consists of 577,770,790 ordinary shares, each with equal voting rights and no shares held in treasury. This information complies with the FCA Disclosure Guidance and Transparency Rules.
Argo Blockchain has announced its Annual General Meeting (AGM) scheduled for June 6, 2024, at 15:00 BST in London. Shareholders can attend in person or via the Investor Meet Company platform, though online participants cannot vote. Argo encourages shareholders to submit questions in advance via email or the platform, which will be addressed during the AGM and posted online afterward. The Notice of AGM and proxy forms are being sent to shareholders and will be available on Argo's website shortly.
Argo Blockchain plc provided an operational update for April 2024, mining 99 Bitcoin, maintaining daily production despite the halving, with mining revenue at $6.6 million. The Company also granted Equity Awards to employees as per the 2022 Equity Incentive Plan.
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