Argo Blockchain PLC Energization & Official Opening of Helios Facility (3794K)
05 May 2022 - 4:01PM
UK Regulatory
TIDMARB
RNS Number : 3794K
Argo Blockchain PLC
05 May 2022
Press Release
5 May 2022
Argo Blockchain PLC
("Argo" or "the Company")
Energization and Official Opening of Helios Facility
Argo Blockchain plc, ("Argo") a global leader in cryptocurrency
mining (LSE: ARB; NASDAQ: ARBK), is pleased to announce that its
flagship mining facility, Helios, has been energized. Additionally,
an inauguration ceremony will take place today at the facility in
Dickens County, Texas, and mining operations are expected to
commence next week.
The delivery and installation of the 20,000 Bitmain S19J Pro
mining machines purchased in September 2021 has commenced and the
remaining units are expected to be delivered and installed in
batches between May and October 2022. Additionally, installation
has started for the Bitmain S19J Pro mining machines obtained via
the machine swap agreement with Core Scientific and will continue
in stages through July 2022.
Phase 1 of Helios' development will utilise 200 MW of power
capacity and represents an increase of 243% in Argo's hashrate to
an anticipated 5.5 EH/s by the end of 2022 as the Company
significantly scales up its mining operations.
Helios also has access to up to an additional 600 MW of power
capacity which the Company expects to utilise in the coming years
through further phases of development at the site. It is
anticipated this additional capacity, along with further
development of the site, will enable Argo's operations to grow
significantly to more than 20 EH/s.
Helios has been designed to house one of the largest
immersion-cooled mining operations in the world, which is expected
to be more cost-efficient, extend the life of the mining machines
by reducing machine exposure to dust and debris and improve
operational performance.
Peter Wall, Chief Executive Officer of Argo, said: "I'm
extremely grateful to everyone who has been involved in the
planning and execution of Helios. We started construction on the
facility in July 2021 and it is a tremendous achievement that the
site will commence mining operations in less than 12 months.
"I want to extend my thanks on behalf of Argo and all our
shareholders to the team and their tireless efforts and communal
drive to realise Argo's vision for Helios. The opening of Helios
marks an important step for the Company, as we continue to
implement new, ground-breaking technology, significantly upscale
our operations and continue to strengthen infrastructure. Our work
to achieve sustainable growth for Argo continues."
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
Chief Executive 2334
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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
--------------------------
Joint Corporate Broker
Peter Krens +44 207 186 9030
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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.
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