April Operational Update and Directorate Change

Press Release

05 May 2020

Argo Blockchain PLC

('Argo' or 'The Group')

April Operational Update

Directorate Change

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

The Group mined 319.2 Bitcoin or Bitcoin Equivalent (BTC) during the month of April, compared to 333.8 Bitcoin Equivalent in March. This takes the total amount of BTC mined in the first four months of this year to 1,237 BTC, a record level for Argo and a 122% increase over the previous four months. 

Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in April amounted to £1.8 million (March 2020: £1.8 million).  Argo generated this income at a mining margin of 39% (March 2020: 42%). Mining conditions in April were slightly harder as algorithmic difficulty increased twice in the month.

The Group confirms that 1,000 Bitmain Antminer S17+ machines, ordered and announced previously, have been installed and are in production this week. Their arrival brings total mining capacity to approximately 18,000 machines and 730 Petahash, a 244% increase in hashpower from the end of last year.

Argo also announces today that Timothy Le Druillenec is stepping down as chief financial officer to become a non-executive director of the Group with immediate effect. He is succeeded by James Savage who will take over as finance director, and is based in London.

James is a member of the Association of Chartered Certified Accountants and brings seven years' private practice experience in auditing and corporate finance across capital markets in the UK, US and Canada. He has held roles managing audits of large multinational groups and carried out valuations for investment funds. James specialises in financial reporting, business analysis and financial modelling.

Peter Wall, chief executive of Argo, said: "I would like to thank Timothy for his invaluable contribution to Argo's rapid advance from start-up and London stock market listing to its current position as a leading UK based cryptominer. I would also like to welcome James, who brings strong financial reporting experience and look forward to working with him to take Argo to the next level." 

This announcement contains inside information.

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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

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