Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k)
07 December 2021 - 10:18PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_____________________
FORM 6-K
_____________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of December, 2021
Commission File Number: 001-40816
_____________________
Argo Blockchain plc
(Translation
of registrant’s name into English)
_____________________
9th Floor
16
Great Queen Street
London
WC2B 5DG
England
(Address
of principal executive office)
_____________________
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): ☐
EXHIBIT INDEX
Exhibit No.
1
|
Description
November
2021 Operational Update dated 7 December 2021
|
Press
Release
07
December 2021
Argo Blockchain PLC
(“Argo”
or “the Company”)
November 2021 Operational Update
Operational Update
Argo
Blockchain plc, a global leader in cryptocurrency mining (LSE: ARB;
NASDAQ: ARBK), is pleased to provide the following operational
update for November 2021.
During
the month of November, Argo mined 185 Bitcoin or Bitcoin Equivalent
(together, BTC) compared to 167 BTC in October. This brings the
total amount of BTC mined year-to-date to 1,831 BTC.
Based
on daily foreign exchange rates and cryptocurrency prices during
the month, mining revenue in November amounted to £8.29
million [$11.20 million*] (October 2021: £7.24 million [$9.75
million*]).
Argo
generated this revenue at a Bitcoin and Bitcoin Equivalent Mining
Margin of approximately 86% for the month of November (October
2021: 86%).
At the
end of November, the Company owned 2,317 Bitcoin or Bitcoin
Equivalent.
Mining Expansion
As of
the end of November, Argo added an additional 310 PH/s to its total
capacity, bringing the Company's total mining capacity to 1.605
EH/s as of 30 November, 2021.
Peter
Wall, Chief Executive of Argo and interim Chairman said:
“Execute. Build. Smart Growth. Onwards and
Upwards”.
Non-IFRS Measures
Bitcoin
and Bitcoin Equivalent Mining Margin is a financial measure not
defined by IFRS and has limitations as an analytical tool. In
particular, Bitcoin and Bitcoin Equivalent Mining Margin excludes
the depreciation of mining equipment and so does not reflect the
full cost of our mining operations, and it also excludes the
effects of fluctuations in the value of digital currencies and
realised losses on the sale of digital assets, which affect our
IFRS gross profit. This measure should not be considered as an
alternative to gross margin determined in accordance with IFRS, or
other IFRS measures. This measure is not necessarily comparable to
similarly titled measures used by other companies. As a result, you
should not consider this measure in isolation from, or as a
substitute analysis for, our gross margin as determined in
accordance with IFRS.
The
following table shows a reconciliation of Bitcoin and Bitcoin
Equivalent Mining Margin to gross margin, the most directly
comparable IFRS measure, for the months of October and November
2021.
|
Month Ended 31 October 2021
|
Month Ended 30 November 2021
|
|
£
|
$
|
£
|
$
|
Gross Profit/(Loss)
|
33,060,353
|
44,532,296
|
(1,108,192)
|
(1,496,606)
|
Gross
Margin1
|
422%
|
422%
|
(13%)
|
(13%)
|
Depreciation
of mining equipment
|
975,103
|
1,313,464
|
1,203,238
|
1,624,965
|
Charge
in fair value of digital currencies
|
(27,446,831)
|
(36,970,882)
|
7,371,093
|
9,954,614
|
Realised
loss on sale of digital currencies
|
-
|
-
|
8,364
|
11,296
|
Cryptocurrency
management fees
|
(361,578)
|
(487,045)
|
(340,561)
|
(459,925)
|
|
|
|
|
|
Mining Profit
|
6,227,047
|
8,387,833
|
7,133,942
|
9,634,344
|
Bitcoin
and Bitcoin Equivalent Mining Margin
|
86%
|
86%
|
86%
|
86%
|
(1) Due to favourable changes in fair value of Bitcoin and
Bitcoin Equivalents in October 2021, gross profit exceeded
revenue.
*Dollar
values translated from pound sterling into U.S. dollars at the rate
of £1.00 to $1.35 for November 2021 and £1.00 to $1.33
for October 2021. Exchange rates have been calculated using the
noon buying rates of the Federal Reserve Bank of New
York.
This announcement contains inside information.
For
further information please 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
UK
& Europe Media Relations
|
|
Emma
Valgimigli
Emma
Hodges
Salamander
Davoudi
Fabio
Galloni-Roversi Monaco
argoblock@tancredigroup.com
|
+44
7727 180 873
+44
7861 995 628
+44
7957 549 906
+44
7888 672 701
|
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 and on the Nasdaq Global Select Market in the
United States under the ticker: ARBK.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: 7
December, 2021
|
ARGO BLOCKCHAIN PLC
By:
Name:
Peter WallTitle: Chief Executive Officer
Name:
Davis ZaffeTitle: General Counsel
|
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