Argo Blockchain PLC - September Operational Update + LOI Signing
Argo Blockchain PLC
('Argo' or 'The Company')
September Operational Update + LOI Signing
Argo, the leading cryptocurrency miner based in the UK (LSE:ARB), is pleased to provide the following operational update for September 2020.
During the month of September, Argo mined 127 Bitcoin or Bitcoin Equivalent (BTC) compared to 166 in August. This takes the total amount mined year-to-date to 2,128 BTC. The lower number of coins mined in September compared to August can be attributed to the significant rise in mining difficulty throughout September although other factors, as detailed below, also impacted production.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in September amounted to
At the end of September, the company held 126 BTC in Bitcoin and BTC equivalent, in accordance with the Company's asset management strategy. Argo's total mining capacity remains at 18,000 machines, with 730 Petahash of SHA-256 hash power, and 280 Megasols of equihash mining capacity.
In addition to the increased difficulty, mining in September was impacted by a contractual dispute between the Company's hosting provider and their subcontractor, to which the Company was not a party. As a result of the dispute, a portion of the company's overall hashrate was offline for four days which reduced the cryptoassets mined by this hardware during the month. The Company has taken steps to secure greater control over all of its mining machines by entering into direct discussions with the subcontractor, and does not anticipate any further interruptions arising from the dispute between the host and its subcontractor, and in doing so, the Company considers it has taken the appropriate and necessary steps to protect its interests.
The Company is also pleased to announce it has entered into a conditional Letter of Intent (LOI) with GPU.one, the Canadian data centre provider, setting out the material terms and conditions on which the Company would make a strategic purchase of the two data centres in
This announcement contains inside information.
For further information please visit www.argoblockchain.com or contact:
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via Tancredi Tel: +44 203 434 2334
Corporate Broker - finnCap Ltd
Tel: +44 20 7220 0500
Media Relations - Tancredi Intelligent Communications
Tel: +44 7957 549 906
Tel: +44 7727 180 873
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