TIDMARB

RNS Number : 4636N

Argo Blockchain PLC

30 September 2021

Press release

30 September 2021

Argo Blockchain PLC

("Argo" or "the Company")

Expansion of mining capacity

Argo Blockchain, a global leader in cryptocurrency mining (LSE: ARB; NASDAQ: ARBK), is pleased to announce that it has executed a purchase agreement for 20,000 Bitmain Antminer S19J Pro machines, to be paid in periodic installments before final shipment. The initial deposit is currently being funded by the Company's cash reserves. The machines are expected to increase Argo's hashrate by over 2 Exahash and are expected to be delivered and installed at the Company's future Texas facility in monthly batches from Q2 2022 through Q3 2022. Based on existing capacity and previous orders, Argo's mining capacity is expected to be 1.7 Exahash by mid-Q4 2021. This expansion will bring the Company's total mining capacity to 3.7 Exahash by the end of Q3 2022. The Company is pleased to continue and strengthen its longstanding relationship with Bitmain.

This announcement contains inside information and forward looking statements, including with respect to delivery schedules and future hashrate. Actual results could differ from those described herein for a variety of reasons, including unanticipated delays in machine delivery due to component supply shortages or other reasons, or disruptions to the Company's current mining fleet that could reduce future hashrate. 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 FCA and the United States Securities and Exchange Commission, including the section entitled "Risk Factors" in the Company's Registration Statement on Form F-1.

For further information please contact:

 
 Argo Blockchain 
 Peter Wall                            via Tancredi +44 203 434 2334 
  Chief Executive 
                                      ------------------------------ 
 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 
                                      ------------------------------ 
 Tancredi Intelligent Communication 
  UK & Europe Media Relations 
                                      ------------------------------ 
 Emma Valgimigli 
  Emma Hodges                          +44 7727 180 873 
  Salamander Davoudi                    +44 7861 995 628 
  argoblock@tancredigroup.com           +44 7957 549 906 
                                      ------------------------------ 
 

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.

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September 30, 2021 02:00 ET (06:00 GMT)

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