Argo Blockchain PLC Revenues Increase 75% in Third Quarter (0507P)
08 October 2019 - 5:00PM
UK Regulatory
TIDMARB
RNS Number : 0507P
Argo Blockchain PLC
08 October 2019
PRESS RELEASE
8 October 2019
Argo Blockchain PLC
('Argo' or 'the Company')
Revenues Increase 75% in Third Quarter
Argo, a UK-based provider of enterprise scale cryptocurrency
mining services (LSE: ARB), is pleased to provide the following
operational update for the third quarter ended 30(th) September
2019:
The Company generated revenues of GBP3.63m from its
cryptocurrency mining operations in Q3, a 75% increase from Q2
2019. These assets were mined at a mining margin of approximately
73%, which the Company believes to be one of the highest efficiency
rates in the market.
This margin was achieved despite a rise in mining difficulty and
network hash rates, as well as a recent softening in the Bitcoin
price.
Our continuing excellent mining efficiency is a function of
several factors including:
-- highly competitive prices at which we procure clean electricity under long-term contracts
-- a low operating cost base
-- our expertise in configuring and running our hardware
infrastructure in a way that optimizes returns from mining
-- maintaining up-to-date and dedicated data centres
-- a team of experts in the crypto industry making timely hardware decisions
The total number of machines in production stands at 6,000 and
the Company is on track to install approximately 6,000 more
machines, currently on order, before the end of the year.
Mike Edwards, executive chairman of Argo, said: "We are
delighted with the mining results in Q3 which, together with strong
cash management, have helped us to maintain a robust balance sheet.
Our investment in the most advanced mining hardware on the market
continues to provide us with a competitive edge even as mining
conditions become more challenging. During the third quarter the
Company adopted a policy to exchange its mined Bitcoins into fiat
currency on a regular basis to avoid additional exposure to Bitcoin
pricing. We remain focussed on our revenue and bottom line, while
executing our growth strategy to become the world's largest
publicly listed miner next year."
Argo Blockchain
Mike Edwards via Tancredi +44 203 434
President & Executive Director 2334
Neil Thapar
Financial Communications
Adviser +44 7876 455323
-------------------------
Mirabaud
-------------------------
Corporate Broker
Peter Krens +44 203 167 7221
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Tancredi Intelligent Communication
Media Relations
-------------------------
Salamander Davoudi
salamander@tancredigroup.com +44 7957 549 906
Emma Valgimigli
emma@tancredigroup.com +44 7727 180 873
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About Argo:
Argo Blockchain plc is a global data centre business that
provides a purpose-built and flexible platform for mining of
leading cryptocurrencies for the enterprise-scale and institutional
sectors worldwide from operational centres in Canada. 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.
www.argomining.co
See Argo's largest facility in Quebec:
https://youtu.be/LDWWaZ75Zbk
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END
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