TIDMARB
RNS Number : 8690Y
Argo Blockchain PLC
08 January 2024
Press Release
8 January 2024
Argo Blockchain plc
("Argo" or "the Company")
December Operational Update
Change in Company Management
Share Allotment
Argo Blockchain plc, a global leader in cryptocurrency mining
(LSE: ARB; NASDAQ: ARBK), is pleased to provide the following
operational update for December 2023.
During the month of December, the Company mined 155 Bitcoin, or
5.0 Bitcoin per day. This is a 4% increase in daily Bitcoin
production compared to the prior month, driven by increased
transaction fees on the network, greater operational efficiency and
offset by an increase in network difficulty.
Mining revenue in December 2023 amounted to $6.6 million, an
increase of 25% compared to the prior month (November 2023: $5.3
million) and the highest revenue month of 2023. December was the
fourth consecutive month where revenue grew by more than 18% month
over month and daily Bitcoin production increased month over
month.
As of 31 December 2023, the Company held 9 Bitcoin on its
balance sheet and other digital assets worth the equivalent of 18
Bitcoin.
Month Bitcoin Mined Unaudited Mining Revenue,
excluding power credits
($USD in millions)(1)
January 2023 168 $3.4
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February
2023 162 $3.8
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March 2023 161 $4.1
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April 2023 144 $4.2
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May 2023 173 $4.7
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June 2023 139 $3.8
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July 2023 129 $3.9
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August 2023 105 $2.9
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September
2023 136 $3.6
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October 2023 143 $4.3
-------------- --------------------------
November
2023 145 $5.3
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December
2023 155 $6.6
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(1) The Company accrued power credits of $0.2 million, $1.3
million, and $4.4 million in Q1 2023, Q2 2023, and Q3 2023,
respectively. The preliminary and unaudited estimate for Q4 2023
power credits is in the range of $0.5 to $1 million.
Management Commentary
Argo's Chief Executive, Thomas Chippas, said, "I am delighted to
close out 2023 with our strong performance both in December and in
the full fourth quarter. During the fourth quarter, our daily
production was 4.8 Bitcoin per day, which was a 20% increase from
the prior quarter. This is despite a 19% increase in monthly
average network difficulty in the fourth quarter compared to the
prior quarter."
Grant of Equity Awards
On 5 December 2023, the Company granted 1,379,727 Restricted
Stock Units ("RSUs") in accordance with the 2022 Equity Incentive
Plan approved by shareholders at the Company's 2022 Annual General
Meeting. The RSUs vest over a three-year period, with first vesting
occurring six months from the date of grant (at which point 6/36ths
vest) and, thereafter, the RSUs vest at a rate of 3/36th per
quarter for the remainder of the vesting period subject to the
continued employment of the grantee.
Change to Company Management and Share Allotment
Effective 5 January 2024, Seif El-Bakly stepped down from his
position as Chief Operating Officer to pursue other opportunities.
The Company thanks Mr. El-Bakly for leading Argo as Interim CEO
from February to November 2023, and it wishes him well. The
operations team has been reporting to the Chief Strategy Officer
Sebastien Chalus since February 2023, and Mr. Chalus will continue
to oversee all operations going forward.
As part of Mr. El-Bakly's separation agreement, his previously
awarded Performance Share Units ("PSUs") will vest effective 5
January 2024. To effectuate this vesting, the Company has issued
1,973,892 new ordinary shares of GBP0.001 each in the capital of
the Company ("PSU Shares").
The new PSU Shares will rank pari passu with the existing
Ordinary Shares in issue and application will be made for the new
Ordinary Shares to be admitted to the Official List and to trading
on the Main Market of the London Stock Exchange PLC ("PSU
Admission"). PSU Admission is expected to occur, and dealings in
the new Ordinary Shares commence, on 11 January 2024.
Total Voting Rights
Following the PSU Admission, the Company will have a total of
538,937,363 Ordinary Shares in issue. No Ordinary Shares are held
in treasury. The above figure may be used by the Company's
shareholders as the denominator for the calculations by which they
can determine whether they are required to notify their interest
in, or a change of their interest in, the Company under the FCA
Disclosure Guidance and Transparency Rules.
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
For further information please contact:
Argo Blockchain
Investor Relations ir@argoblockchain.com
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Tennyson Securities
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Corporate Broker
Peter Krens +44 207 186 9030
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Fortified Securities
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Joint Broker +44 7493 989014
Guy Wheatley, CFA guy.wheatley@fortifiedsecurities.com
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Tancredi Intelligent Communication argoblock@tancredigroup.com
UK & Europe Media Relations
---------------------------------------
About Argo:
Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK)
blockchain technology company focused on large-scale cryptocurrency
mining. With mining facilities in Quebec, mining operations in
Texas, and offices in the US, Canada, and the UK, Argo's global,
sustainable operations are predominantly powered by renewable
energy. In 2021, Argo became the first climate positive
cryptocurrency mining company, and a signatory to the Crypto
Climate Accord. For more information, visit www.argoblockchain.com
.
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END
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