Argo Blockchain PLC Announces April 2022 Operational Update


LONDON, ENGLAND / ACCESS CABLES / May 9, 2022 / Argo Blockchain PLC

Operational update

Argo Blockchain plc, the world leader in cryptocurrency mining (LSE: ARB) (NASDAQ: ARBK), is pleased to offer the next operational update for April 2022.

During the month of April, Argo extracted 166 Bitcoin or Bitcoin Equivalent (altogether, BTC) compared to 163 BTC in March 2022.

According to daily exchange rates and cryptocurrency prices during the month, mining revenues in April amounted to £ 5.52 million. [$6.83 million*] (March 2022: £ 5.22 million [$6.92 million*]).

Argo generated this revenue with a mining margin equivalent to Bitcoin and Bitcoin of approximately 75% during the month of April (March 2022: 74%).

At the end of April, the Company owned 2,682 Bitcoin, of which 235 were equivalent to BTC.

Promotion of Justin Nolan to Chief Growth Officer

The Company is also pleased to announce the promotion of Justin Nolan to Chief Growth Officer. Justin Nolan was previously the co-founder and CEO of DPN LLC, which initially developed the Helios project and was acquired by the company in March 2021. Following the acquisition, Mr. Nolan joined Argo as Vice President of Business Development, where he has focused on construction of Helios and in leading the Company’s debt financing efforts. As a growth manager, he will continue to focus on long-term growth opportunities for Argo.

Peter Wall, chief executive of Argo, said: “After our stellar results in 2021, this month shows that we are on track to strengthen our track record for next year. Justin Nolan has been instrumental in opening our Helios facility. In less than a year, his promotion to Director of Growth along with the rapid transformation of the facility highlights our ambition to significantly improve our scale of operations and increase our reputation as an industry leader. “

Non-IFRS measures

Bitcoin and Bitcoin Equivalent Mining Margin is a financial measure not defined by IFRS. We believe that Bitcoin and Bitcoin Equivalent Mining Margin have limitations as an analytical tool. In particular, Bitcoin and Bitcoin Equivalent Mining Margin exclude the depreciation of mining equipment and therefore do not reflect the total cost of our mining operations, and also exclude the effects of fluctuations in the value of digital currencies and losses on the sale of digital. assets, which affect our gross IFRS profit. This measure should not be considered as an alternative to the gross margin determined in accordance with IFRS or other IFRS measures. This measure is not necessarily comparable to measures with similar titles used by other companies. As a result, we should not consider this measure in isolation or as a substitute analysis of our gross margin, as determined in accordance with IFRS.

The following table shows a reconciliation of gross margin with Bitcoin and Bitcoin Equivalent Mining Margin, the most directly comparable IFRS measure, for the months of March 2022 and April 2022.

Month ended March 31, 2022

Month ended April 30, 2022

£

$

£

$

Gross profit / (loss)

2,453,564

3,313,522

(12,810,339)

(17,300,281)

Gross Margin

48%

48%

(253%)

(253%)

Depreciation of mining equipment

1,313,598

1,774,006

1,295,290

1,749,281

Charging the fair value of digital currencies

40,937

55,285

14,649,214

19,783,670

Loss / (gain) realized in the sale of digital currencies

3,628

4,900

657,423

887,846

Mining benefit

3,811,727

5,147,714

3,791,588

5,120,517

Equivalent mining margin of Bitcoin and Bitcoin

74%

74%

75%

75%

(1) Due to unfavorable changes in the fair value of Bitcoin and Bitcoin Equivalents in March 2022 and April 2022 there was a loss due to the change in the fair value of digital currencies.
* Dollar values ​​translated from the pound sterling to US dollars using the noon purchase rate of the Federal Reserve Bank of New York on the applicable dates.

Inside information and forward-looking statements

This notice contains inside information and includes forward-looking statements that reflect the current views, interpretations, beliefs or expectations of the Company or, as the case may be, the directors regarding the financial performance, business strategy and management plans and objectives of the Company. future operations. . These statements include forward-looking statements regarding both the Company and the industry and industry in which the Company operates. Statements that include the words “expect”, “intend”, “plan”, “believe”, “project”, “anticipate”, “go”, “aim”, “can”, “would”, “could”, ” continue “,” estimate “,” future “,” opportunity “,” potential “or, in each case, its negatives, and similar statements of a future or prospective nature identify prospective statements. All forward-looking statements address issues that involve risks and uncertainties because they relate to events that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. Accordingly, there are or will be significant factors that could cause the Company’s actual results, prospects and performance to differ materially from those set forth in these statements. In addition, although the actual results, prospects and performance of the Company are consistent with the forward-looking statements contained in this document, such results may not be indicative of results in subsequent periods. These forward-looking statements speak only from the date of this announcement. Subject to the obligations arising from the Brochure Regulation Rules, the Market Abuse Regulations, the Listing Rules and the Disclosure and Transparency Rules and, unless required by the FCA, the London Stock Exchange, the City Code or applicable laws and regulations, the Company undertakes not to publicly disclose or update any forward-looking statements, whether as a result of new information, future developments or otherwise. For a more complete discussion of the factors that may cause our actual results to differ from those described in this announcement, please refer to the Company’s requests from time to time to the United States Securities and Exchange Commission and the United Kingdom Financial Conduct Authority. United. including the section entitled “Risk Factors” in the company registration statement on Form F-1.

For more information contact:

Argo Blockchain

Peter Wall
Chief Executive

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
Media relations in the UK and Europe

Emma Valgimigli
Emma Hodges
Fabio Galloni-Roversi Monaco
Nasser Al-Sayed
argoblock@tancredigroup.com

+44 7727 180 873
+44 7861 995 628
+44 7888 672 701
+44 7915 033 739

About Argo:

Argo Blockchain plc is a world leader in cryptocurrency mining with one of the largest and most efficient clean energy driven operations. The company is headquartered in London, UK, and its shares are listed on the London Stock Exchange under the ticker: ARB and on the Nasdaq Global Select Market in the United States under the ticker: ARBK.

This information is provided by RNS, the London Stock Exchange news service. RNS is approved by the Financial Conduct Authority to act as the leading provider of information in the UK. The terms and conditions related to the use and distribution of this information may apply. For more information, contact rns@lseg.com or visit www.rns.com.

SOURCE: Argo Blockchain PLC

View the source version on accesswire.com:
https://www.accesswire.com/700566/Argo-Blockchain-PLC-Announces-April-2022-Operational-Update



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