Argo Blockchain PLC announces operational update in February

LONDON, UK / ACCESSWIRE / March 7, 2023 / Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), is pleased to provide the following operational update for February 2023.

During the month of February, Argo mined 162 Bitcoins or Bitcoin equivalents (collectively, BTC), or 5.7 BTC per day. This is a 7% increase over the 5.4 BTC per day produced in January 2023. The company was able to achieve this increase in daily BTC production despite a 10% increase in average network difficulty in February compared to the previous month.

As of February 28, 2023, the company held 101 Bitcoin or Bitcoin equivalents.

The company’s total hash rate capacity is still 2.5 EH/s.

Based on daily exchange rates and cryptocurrency prices during the month, mining revenue in February was $3.76 million [£3.09 million] (January 2023 $3.42 million [£2.80 million].

Argo’s Interim CEO, Seif El-Bakly, said: “I am proud of the team for increasing our average daily Bitcoin production despite the increase in average network difficulty in February compared to January. This is a testament to the hard work that is shut down. by our technology and operations teams. We continue to focus on strengthening our internal business processes and striving for operational excellence.”

Inside information and forward-looking statements

This announcement contains inside information and includes forward-looking statements that reflect the Company’s current views, interpretations, beliefs or expectations with respect to the Company’s financial results, business strategy and management’s plans and objectives for future operations. These statements include forward-looking statements both with respect to the company and the sector and industry in which the company operates. Statements that include the words “remains confident”, “expects”, “intends”, “plans”, “believes”, “projects”, “anticipates”, “will”, “goals”, “goals”, “may” “would”, “could”, “continue”, “estimate”, “future”, “possibility”, “potential” or, in each case, their negative aspects, and similar statements of a future or forward-looking nature identify forward-looking statements . All forward-looking statements involve matters that involve risks and uncertainties because they relate to events that may or may not occur in the future, including the risk that the Company may not receive the benefits contemplated by the transactions with Galaxy, the Company may be unable to secure sufficient additional financing to meet its operating needs, and the Company may not generate sufficient working capital to fund its operations for the next twelve months as planned. Forward-looking statements are not guarantees of future performance. Consequently, there are or will be important factors that may lead to the company’s actual results, prospects and results deviating significantly from those stated in these statements. In addition, even if the Company’s actual results, prospects and performance are consistent with the forward-looking statements contained in this document, these results may not be indicative of results in subsequent periods. These forward-looking statements speak only as of the date of this announcement. Subject to any obligations under the Prospectus Regulation, the Market Abuse Regulation, the Listing Rules and the Disclosure and Transparency Rules, and except as required by the FCA, the London Stock Exchange, the City Code or applicable laws and regulations, the Company undertakes no public obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. For a more complete discussion of factors that could cause our actual results to differ from those described in this announcement, please refer to the filings that the Company files from time to time with the United States Securities and Exchange Commission and the United Kingdom Financial Conduct Authority, including the section entitled “Risk Factors” in the Company’s Registration Statement on Form F-1.

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About Argo:

Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK) blockchain technology company focused on large-scale cryptocurrency mining. With mining facilities in Quebec, mining operations in Texas and offices in the US, Canada and the UK, Argo’s global, sustainable operations are powered primarily by renewable energy. In 2021, Argo became the first climate-positive cryptocurrency mining company, signing the Crypto Climate Accord. Argo also participates in several Web 3.0, DeFi and GameFi projects through its Argo Labs division, further contributing to its business operations, as well as the development of the cryptocurrency markets. For more information, visit www.argoblockchain.com.

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SOURCE: Argo Blockchain PLC

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