Home » Argo Blockchain PLC Announces January Operational Update

Argo Blockchain PLC Announces January Operational Update


LONDON, UK / ACCESSWIRE / February 5, 2024 / Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), is pleased to provide the following operational update for January 2024.

During the month of January, the Company mined 124 Bitcoin, or 4.0 Bitcoin per day. This 20% decrease in daily Bitcoin production compared to the prior month was driven by a 16% decrease in Bitcoin-denominated hashprice, and to a lesser extent, weather-related curtailments. Hashprice, which refers to the expected value of hashing power, is a function of the block subsidy, network difficulty, and transaction fees. The decrease in hashprice in January 2024 was driven by lower transaction fees on the Bitcoin network and higher network difficulty compared to December 2023.

Bitcoin production in January 2024 was negatively impacted by weather-related curtailments at the Company’s facilities in Quebec and at the Helios facility in Texas. At Helios, the Company’s operations were curtailed in response to winter weather conditions which led to elevated power prices across Texas, particularly during Winter Storm Heather. The facility generates power credits during periods of economic curtailment, and the Company’s share of power credits from January 2024 will offset a portion of the foregone revenue from curtailment.

Mining revenue in January 2024 amounted to $5.3 million, a decrease of 19% compared to the prior month (December 2023: $6.6 million).

As of 31 January 2024, the Company held digital assets worth the equivalent of 18 Bitcoin.

Month

Bitcoin Mined

Unaudited Mining Revenue, excluding power credits ($USD in millions)

January 2024

124

$5.3

Management Commentary

Argo’s Chief Executive, Thomas Chippas, said, “Our Bitcoin production decreased in January as transaction fees retreated from the temporary spike we saw in December. We also experienced some instances of curtailment as a result of winter weather in Quebec and Texas, which is a great reminder of how Bitcoin mining contributes to grid stability during extreme weather events. Bitcoin miners provide a unique source of baseload demand which can be quickly curtailed to free up electricity for other users on the grid.”

This announcement contains inside information.

For further information please contact:

Argo Blockchain

Investor Relations

ir@argoblockchain.com

Tennyson Securities

Corporate Broker

Peter Krens

+44 207 186 9030

Fortified Securities

Joint Broker

Guy Wheatley, CFA

+44 7493 989014

guy.wheatley@fortifiedsecurities.com

Tancredi Intelligent Communication

UK & Europe Media Relations

argoblock@tancredigroup.com

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 predominantly powered by renewable energy. In 2021, Argo became the first climate positive cryptocurrency mining company, and a signatory to the Crypto Climate Accord. For more information, visit www.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.

SOURCE: Argo Blockchain PLC

View the original press release on accesswire.com



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