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Argo Blockchain Provides August Operational Update
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Argo Blockchain plc (LSE: ARB; OTCQX: ARBKF) announced its operational update for August, revealing it mined 206 Bitcoin, down from 225 in July, bringing year-to-date total to 1,314 BTC. Mining revenue for August reached $9.43 million, a significant increase from $7.75 million in July, with an improved mining margin of 86% compared to 83% the previous month. The company sold 61 BTC at an average price of $48,726.00 each, generating $2.95 million. Argo's registered office has moved to a new address in London.
Positive
Increased mining revenue of $9.43 million in August from $7.75 million in July.
Improved average monthly mining margin of 86% in August, up from 83% in July.
Successful sale of 61 BTC at an average price of $48,726 generating $2.95 million.
Negative
Decrease in Bitcoin mined, down to 206 BTC in August from 225 BTC in July.
LONDON--(BUSINESS WIRE)--
Argo Blockchain plc (LSE: ARB; OTCQX: ARBKF), (“Argo” or the “Company”), a global leader in sustainable blockchain infrastructure and cryptocurrency mining, is pleased to provide the following operational update for August.
During the month of August, Argo mined 206 Bitcoin or Bitcoin Equivalent (together, BTC) compared to 225 BTC in July. This brings the total amount of BTC mined year-to-date to 1,314 BTC.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in August amounted to $9.43 million (July 2021: $7.75 million). Argo generated this income at an average monthly mining margin of approximately 86% for the month of August (July 2021: 83%). As part of the Company’s asset management strategy and due to positive market conditions, Argo sold 61 BTC at an average price of $48,726.00 per BTC, generating cash of $2.95 million.
At the end of August, the Company owned 1,659 Bitcoin or BTC equivalent.
Peter Wall, Chief Executive of Argo and interim Chairman said: “I am pleased that we have been able to deliver these results at an improved margin this month and continue to deliver value to our shareholders. We are also delighted to have released our Climate Strategy and remain committed in our efforts to enact positive change within the crypto mining sector.”
Change of Registered Office Address
The Company announces that with immediate effect, its registered office address has changed to: 9th Floor, 16 Great Queen Street, London, England, WC2B 5DG.
This announcement contains inside information.
About Argo
Argo Blockchain plc is a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy. The Company is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB and on the OTCQX Best Market in the United States under the ticker: ARBKF.
