TIDMARB
RNS Number : 7489U
Argo Blockchain PLC
07 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 GBP8.29
million [$11.20 million*] (October 2021: GBP7.24 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 Month Ended 30 November
2021 2021
----------------------------------- --------------------------
GBP $ GBP $
Gross Profit/(Loss) 33,060,353 44,532,296 (1,108,192) (1,496,606)
Gross Margin (1) 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 GBP1.00 to $1.35 for November 2021 and GBP1.00 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 via Tancredi +44 203
Chief Executive 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 +44 204 526 4581
jonathan@otcmarkets.com +44 7731 815 896
----------------------
Tancredi Intelligent Communication
UK & Europe Media Relations
----------------------
Emma Valgimigli
Emma Hodges
Salamander Davoudi +44 7727 180 873
Fabio Galloni-Roversi +44 7861 995 628
Monaco +44 7957 549 906
argoblock@tancredigroup.com +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.
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END
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