Thursday, June 03, 2021 8:24:37 AM
Update on Mining Infrastructure
Investment in DeFi Company
Operational Update
Argo Blockchain, a global leader in cryptocurrency mining (LSE: ARB), is pleased to provide the following operational update for May.
During the month of May, Argo mined 166 Bitcoin or Bitcoin Equivalent (together, BTC) compared to 163 BTC in April. This brings the total amount of BTC mined year-to-date to 716 BTC.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in May amounted to £5.51 million (April 2021: £6.70 million). Argo generated this income at an average monthly mining margin of approximately 82% for the month of May despite fluctuations in mining difficulty. (April 2021: 85%).
At the end of May, the Company held 1108 Bitcoin or BTC equivalent.
Argo is also pleased to announce that it has executed a Grid Interconnection Agreement with the Wind Energy Transmission of Texas (WETT) and American Electric Power (AEP) for 200 MW at their Helios site in the Panhandle of Texas for its Texas mining facility. The facility is expected to connect to the Electric Reliability Council of Texas (ERCOT) grid in Q1 2022. Argo has also purchased two 90 MVA 345kV transformers from Pennsylvania Transformer Technology, a key part of the electrical infrastructure for the Company's Texas development. The transformers will be manufactured in the United States and are scheduled to be delivered to the site in February 2022. When completed, Argo's Texas mining facility is expected to be one of the largest facilities in the United States.
Update on Mining Infrastructure
The Company also announces an update to its 18 January 2021 announcement relating to the expansion of the Company's mining capacity in Q1 and Q2 2021. As previously announced, Argo purchased machines with a total of 540 petahash (PH) from a leading manufacturer. However, as a result of production delays the order was cancelled and Argo has received a full refund. Due to Argo's long-standing partnership with Core Scientific, a replacement order has been placed with Bitmain (via Core Scientific) of Antminer S19 and S19J machines totalling 530 PH at a competitive price to current market rates. These mining rigs are expected to be delivered and installed in stages, with some machines already operational, and the rest expected to be installed, later than the original order, in September and October 2021.
To meet the balance of the order, Argo has also increased a previous order from a second manufacturer from 70 PH to 80 PH, delivery of which is currently scheduled for July 2021. Combined, the new mining hardware is expected to add approximately 610 PH to Argo's existing operations, bringing the Company's expected total computing power to 1.68 exahash by mid October 2021.
Investment in DeFi Company
As part of the Company's ongoing strategy to build physical and digital cryptocurrency infrastructure, Argo is also pleased to announce it has made an investment of £146,000 (CAD $250,000) in WonderFi Technologies Inc. (formerly DeFi Ventures Inc.), as part of a larger CAD $16.4 million fundraising round by WonderFi. WonderFi is a technology company with a mission to bring decentralised finance to the masses through a suite of products and tools which are built on the core principles of simplicity and education. As part of the investment, Peter Wall has been appointed as an unpaid advisor to WonderFi.
Peter Wall, Chief Executive of Argo said: "May has been a busy month. We have continued to deliver strong revenue and as a result, Argo's Bitcoin holding has now surpassed 1,000 BTC. We are also delighted to have signed the Crypto Climate Accord and to have been involved in the creation of the Bitcoin Mining Council. These initiatives have the potential to enact systemic change within our sector and speed up the rate at which miners switch to renewable energy to power their operations. We are also pleased to announce Argo's strategic investment into WonderFi. Access to this emerging sector needs to be democratised and we believe WonderFi is in an excellent position to achieve this."
This announcement contains inside information.
For further information please contact:
Argo Blockchain
Peter Wall
Chief Executive
Ian MacLeod
Executive Chairman
via Tancredi +44 203 434 2334
finnCap Ltd
Corporate Finance
Jonny Franklin-Adams
Tim Harper
Joint Corporate Broker
Sunila de Silva
+44 207 220 0500
Tennyson Securities
Joint Corporate Broker
Peter Krens
+44 207 186 9030
OTC Markets
Jonathan Dickson
jonathan@otcmarkets.com
+44 204 526 4581
+44 7731 815 896
Tancredi Intelligent Communication
UK & Europe Media Relations
Emma Valgimigli
Emma Hodges
Salamander Davoudi
argoblock@tancredigroup.com
+44 7727 180 873
+44 7861 995 628
+44 7957 549 906
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.
argoblockchain.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
MSCFFFVIRVIFIIL
London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.
© 2021 London Stock Exchange plc. All rights reserved.
Recent ARBKF News
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 03/05/2024 11:35:19 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/05/2024 11:25:32 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/15/2023 11:44:14 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/04/2023 12:04:50 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/27/2023 12:56:33 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/14/2023 11:32:56 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 10/05/2023 11:33:23 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/23/2023 10:36:07 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/31/2023 10:15:51 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/19/2023 10:29:43 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/18/2023 07:15:43 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/18/2023 07:06:27 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/03/2023 12:17:52 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM