June Operational Update

Press Release

07 July 2020

This announcement contains inside information.

Argo Blockchain PLC

('Argo' or 'The Company') 

June Operational Update

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

During the month of June, Argo mined 180 Bitcoin or Bitcoin Equivalent (BTC) compared to 252 Bitcoin Equivalent in May. This takes the total amount of BTC mined in the first six months of this year to 1,669 BTC. Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in May amounted to £1.41 million (May 2020: £1.93 million).  Argo generated this income at an average monthly mining margin of approximately 27% for the month of June (May 2020: 34%). 

The reduction in the number of coins mined and mining margin month-on-month was largely a result of this being the first full month after the halving, a rise in mining difficulty mid-month and an adjustment to more cost-efficient mining. Argo's technical team continues to fine-tune the efficiency of our mining infrastructure for the greatest margin possible given the variables of price, difficulty and operating parameters. Argo employs proprietary applications to adjust the power consumption and efficiency of its mining hardware for different outcomes whether that be pure output or gross margin depending on market conditions.  

At the end of June, the company held 118 BTC in Bitcoin and BTC equivalents, in accordance with the Company's asset management strategy.

In addition, the Company has repaid the debt it took out last year leaving only this year's debt relating to the Company's recent purchase of 750 Bitmain Z11 mining units outstanding.

Argo's total mining capacity now stands at 18,000 machines and 730 Petahash, a 244% increase in hashpower from the end of last year. In addition, the company now has 280 Megasols of equihash mining capacity. 

Peter Wall, Chief Executive Officer of Argo, said: "Argo continues to progress its strategy to be one of the world's largest and most efficient publicly-listed cryptominers. Despite the challenging market conditions post-halving the company continues to deliver some of the best mining margins in the industry. We look to the future with much confidence."

For further information please contact:

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