Argo Blockchain PLC Expansion of mining capacity (4636N)
30 September 2021 - 04:00PM
UK Regulatory
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
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finnCap Ltd
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Corporate Finance
Jonny Franklin-Adams
Tim Harper
Joint Corporate Broker
Sunila de Silva +44 207 220 0500
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Tennyson Securities
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Joint Corporate Broker
Peter Krens +44 207 186 9030
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Tancredi Intelligent Communication
UK & Europe Media Relations
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Emma Valgimigli
Emma Hodges +44 7727 180 873
Salamander Davoudi +44 7861 995 628
argoblock@tancredigroup.com +44 7957 549 906
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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.
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