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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 plc will release its 2022 full year results before trading starts on the London Stock Exchange on April 28, 2023. A live presentation will follow at 07:00 EDT / 12:00 BST, accessible to all current and potential shareholders via the Investor Meet Company platform. Investors can submit questions during the live event. Argo Blockchain is a dual-listed company (LSE:ARB; NASDAQ:ARBK) focused on large-scale cryptocurrency mining, with operations based in Quebec and Texas, powered largely by renewable energy. The company also engages in various blockchain projects through its Argo Labs division, contributing to the development of cryptocurrency markets.
Argo Blockchain plc announced the appointment of Jim MacCallum as Chief Financial Officer, effective April 5, 2023. MacCallum, a CPA and CFA, has over 30 years of finance experience, previously serving as CFO of East Side Games Group Inc. In March 2023, the company mined 161 Bitcoin, a decrease of 10% from February, primarily due to increased network difficulty. However, mining revenue rose to $4.05 million, an increase from February's $3.76 million. The company's total hashrate capacity remains steady at 2.5 EH/s, and it held 85 Bitcoin by the end of March.
Argo Blockchain announced the grant of Restricted Share Units (RSUs), Performance Share Units (PSUs), and share options under its 2022 Equity Incentive Plan.
On March 22, 2023, 1,973,892 PSUs and 658,623 share options were issued to interim CEO Seif El-Bakly, with performance conditions tied to his role and a three-year vesting period. Additionally, 6,839,980 RSUs were granted to 38 employees, also vesting over three years.
This grant aligns incentives throughout the company, reinforcing commitment to organizational goals.
The announcement is classified as inside information in accordance with EU regulations.
Argo Blockchain plc, a cryptocurrency mining leader, confirmed no exposure to Silicon Valley Bank or Silvergate Bank following their recent troubles. A subsidiary holds cash deposits at Signature Bank, which was closed on March 12, 2023. However, the FDIC has ensured that all depositors will be made whole, transferring deposits to Signature Bridge Bank, which will operate under FDIC management to maintain customer services. Argo's operations rely on renewable energy sources and the company is notable for being the first climate-positive cryptocurrency miner.
Argo Blockchain plc reported an operational update for February 2023, revealing a daily production of 5.7 BTC, up 7% from January's 5.4 BTC per day. The increase occurred despite a 10% rise in average network difficulty. The company mined a total of 162 BTC for the month, generating $3.76 million in revenue, a rise from January's $3.42 million. As of February 28, Argo held 101 BTC and maintained a total hashrate capacity of 2.5 EH/s. Interim CEO Seif El-Bakly praised the team's efforts for enhancing production under challenging conditions.
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