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Argo Blockchain PLC - August Operational Update

RNS Number : 8806X
Argo Blockchain PLC
03 September 2020
 

Press Release

03 September 2020

 

Argo Blockchain PLC

('Argo' or 'The Company') 

August Operational Update

 

Argo, the leading cryptocurrency miner based in the UK (LSE:ARB), is pleased to provide the following operational update for August 2020.

During the month of August, Argo mined 166 Bitcoin or Bitcoin Equivalent (BTC) compared to 165 Bitcoin Equivalent in July. This takes the total amount of BTC mined year-to-date to 2,001 BTC. 

The number of coins mined in August compared to July can be attributed to the minor fluctuations in mining difficulty throughout August. Argo continues to mine at the most cost-efficient mining settings and is pleased with the overall mining performance given market conditions.

Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in August amounted to £1.49 million (July 2020: £1.25 million). Argo generated this income at an average monthly mining margin of approximately 44% for the month of August (July 2020: 34%). 

At the end of August, the company held 183 BTC in Bitcoin and BTC equivalents, in accordance with the Company's asset management strategy.

This month, Argo also claimed 100,000 Polkadot (DOT) which were purchased in Q1 2019 as part of Argo's research and innovation work into hybrid consensus mechanism blockchain projects. Polkadot is designed to enable interoperability among different blockchains, which could enable new use cases for blockchain and cryptocurrency. DOT is now trading at $5.92 and the Company is pleased with the growth of this asset to date. Argo's management team believes that projects like Polkadot will play an important role in shaping the blockchain ecosystem and advancing cryptocurrency mass adoption. 

Argo's total mining capacity stands at 18,000 machines and 730 Petahash in addition to 280 Megasols of equihash mining capacity. 

Peter Wall, Chief Executive of Argo, said: "We are delighted with the continued strong performance of Bitcoin throughout August as the price remains over US$11,000. This increase in value has positively impacted our mining margin and enabled Argo to remain one of the most competitive efficient publicly listed miners globally."

 

This announcement contains inside information.

For further information please visit www.argoblockchain.com or contact:

 

Argo Blockchain


Peter Wall

Chief Executive

 

Ian MacLeod

Executive Chairman

 

via Tancredi +44 203 434 2334

 

Corporate Broker


finnCap Ltd

Jonny Franklin-Adams/ Kate Washington (Corporate finance)

 

Richard Chambers (Corporate Broking

 

+44 20 7220 0500

 

Media Relations


Tancredi Intelligent Communications

Salamander Davoudi

    

Emma Valgimigli

 

[email protected]

+44 7957 549 906

 

[email protected]

+44 7727 180 873

 

 

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.

 

argoblockchain.com

 

See Argo's largest facility in Quebec:

https://youtu.be/LDWWaZ75Zbk

 

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Quick facts: Argo Blockchain PLC

Price: 6.5

Market: LSE
Market Cap: £19.09 m
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