TIDMARB
RNS Number : 5888E
Argo Blockchain PLC
14 March 2022
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:
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
-------------------------------
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 +44 7727 180 873
Fabio Galloni-Roversi Monaco +44 7861 995 628
Nasser Al-Sayed +44 7888 672 701
argoblock@tancredigroup.com +44 7915 033 739
-------------------------------
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(R) 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.
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END
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