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 March, 2022
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.
Form 20-F ☒
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
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Exhibit
No.
1
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Description
Fleet
Swap Agreement with Core Scientific dated 14 March
2022
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Press Release
14 March
2022
Argo Blockchain PLC
("Argo" or "the Company")
Fleet Swap Agreement with Core Scientific for S19J Pro
machines
Argo Blockchain plc, ("Argo") a global leader in cryptocurrency
mining (LSE: ARB; NASDAQ: ARBK), is pleased to announce it has
signed a fleet swap agreement with Core Scientific, Inc. ("Core"
NASDAQ: CORZ). The agreement exchanges Argo's Bitmain Antminer S19
series bitcoin mining fleet hosted at Core for S19J Pro bitcoin
miners previously ordered by Core to be delivered directly to
Argo's new Helios facility. This fleet swap represents
approximately 60% of Argo's total mining capacity and will reduce
operational expenses for Argo as part of its ongoing transition to
operating its own mining facilities.
The agreement stipulates that Core will deliver the new S19J Pro
machines (representing a nameplate capacity of approximately 967
PH/s), to Argo's Helios facility in Dickens County, Texas and Argo
will assign its existing fleet of Bitmain Antminer S19 mining
machines (representing a nameplate capacity of approximately 958
PH/s) to Core. The deal also provides for the mutual
termination of Argo's hosting agreements.
To mitigate any temporary loss of hashrate for Argo, the swap of
miners will occur in stages as the machines are delivered, which is
anticipated to be between May and July of 2022. Upon completion of
the swap, Argo will no longer have any mining machines hosted at
third party facilities. The agreement will mean the Company also
avoids the logistical challenge and downtime associated with
relocating its existing machines hosted by Core to its Helios
site.
Peter Wall, Chief Executive Officer of Argo, said: "The agreement
with Core marks the final step towards our strategic objective of
owning and operating all our miners, a path which we chose to
pursue in 2020. While we have been pleased with the performance of
our miners hosted with Core, this agreement allows us to upgrade
our existing fleet and strengthen our mining infrastructure, while
greatly reducing the operational risk of relocating between
facilities. Finally, we greatly appreciate the hosting services
provided by Core Scientific, as well as their flexibility in
supporting our strategy shift."
Mike Levitt, Chief Executive Officer of Core, said: "We are happy
to accommodate our long-time customer Argo, and we are pleased that
this transaction benefits both parties while accelerating the
growth of the Core Scientific self-mining fleet."
Inside Information and Forward-Looking Statements
This announcement contains inside information and includes
forward-looking statements which reflect the Company's or, as
appropriate, the Directors' current views, interpretations, beliefs
or expectations with respect to the Company's financial
performance, business strategy and plans and objectives of
management for future operations. These statements include
forward-looking statements both with respect to the Company and the
sector and industry in which the Company operates. Statements
which include the words "expects", "intends", "plans", "believes",
"projects", "anticipates", "will", "targets", "aims", "may",
"would", "could", "continue", "estimate", "future", "opportunity",
"potential" or, in each case, their negatives, and similar
statements of a future or forward-looking nature identify
forward-looking statements. All forward-looking statements address
matters 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 important
factors that could cause the Company's actual results, prospects
and performance to differ materially from those indicated in these
statements. In addition, even if the Company's actual
results, prospects and performance are consistent with the
forward-looking statements contained in this document, those
results may not be indicative of results in subsequent periods.
These forward-looking statements speak only as of the date of this
announcement. Subject to any obligations under the Prospectus
Regulation Rules, the Market Abuse Regulation, the Listing Rules
and the Disclosure and Transparency Rules and except as required by
the FCA, the London Stock Exchange, the City Code or applicable law
and regulations, the Company undertakes no obligation publicly to
update or review any forward-looking statement, whether as a result
of new information, future developments or otherwise. For a more
complete discussion of factors that could cause our actual results
to differ from those described in this announcement, please refer
to the filings that Company makes from time to time with the United
States Securities and Exchange Commission and the United Kingdom
Financial Conduct Authority, including the section entitled "Risk
Factors" in the Company's Registration Statement on Form
F-1.
For further information please contact:
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Argo Blockchain
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Peter Wall
Chief
Executive
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via Tancredi +44 203 434 2334
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finnCap Ltd
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|
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Corporate
Finance
Jonny Franklin-Adams
Tim Harper
Joint
Corporate Broker
Sunila de Silva
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+44 207 220 0500
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Tennyson Securities
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|
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Joint
Corporate Broker
Peter Krens
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+44 207 186 9030
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OTC Markets
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|
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Jonathan Dickson
jonathan@otcmarkets.com
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+44 204 526 4581
+44 7731 815 896
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Tancredi Intelligent Communication
UK
& Europe Media Relations
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|
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Emma Valgimigli
Emma Hodges
Fabio Galloni-Roversi Monaco
Nasser Al-Sayed
argoblock@tancredigroup.com
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+44 7727 180 873
+44 7861 995 628
+44 7888 672 701
+44 7915 033 739
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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 and on the Nasdaq Global Select Market in the
United States under the ticker: ARBK.
About Core Scientific:
Core Scientific is one of the largest publicly traded, net
carbon-neutral blockchain infrastructure providers and miners of
digital assets in North America. Core Scientific has operated
blockchain infrastructure in North America since 2017, using its
facilities and intellectual property portfolio that has grown to
more than 70 patents or applications for digital asset hosted
mining and self-mining. Core Scientific operates data centers in
Georgia, Kentucky, North Carolina, North Dakota and Texas, and
expects to commence operations in Oklahoma in the second half of
2022. Core Scientific's proprietary Minder® fleet management
software combines the Company's hosting expertise with data
analytics to deliver maximum uptime, alerting, monitoring and
management of all miners in the Company's network. To learn more,
visit http://www.corescientific.com.
As of September 30, 2021, over 50% of the power used in Core
Scientific's operation was generated from non-carbon emitting
sources by local power providers pursuant to long-term power
contracts. The Company determines whether power is generated from
non-emitting energy sources from dispatch reports or grid
generation mix reports provided by the Company's power providers.
Based on these reports Core Scientific purchased Green-e certified
renewable energy credits ("RECs") to offset 100% of the carbon
produced as a result of its contracted power. The Company expects
to maintain its net carbon neutrality by increasing its overall use
of renewable power and by purchasing RECs when
necessary.
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.
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Date:
14 March, 2022
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ARGO BLOCKCHAIN PLC
By:
Name:
Peter Wall
Title:
Chief Executive Officer
Name:
Davis Zaffe
Title:
General Counsel
|
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