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ress release
17 August 2021
Argo Blockchain PLC
("Argo" or "the Company")
Climate Strategy Announcement
Argo Blockchain, a global leader in cryptocurrency mining (LSE: ARB), is pleased to announce that it is the first publicly traded cryptocurrency mining company to report it has become climate positive from Scope 1, 2 and Greenhouse Gas (GHG) emissions from the value chain associated with the Company's respective cryptocurrency mining operations. Climate Positive means that the Company is addressing its own GHG emissions to become carbon neutral and going even further by mitigating emissions through support of projects outside of Argo.
The announcement marks a key milestone in the Company's climate strategy, which includes its ongoing and future initiatives in energy efficiency, reducing e-waste, use of waste heat in partnership with local municipalities, carbon capture, and supporting the industry with sustainability standards.
Argo has demonstrated an ongoing commitment to sustainability and believes that cryptocurrency has the potential to spur innovation in renewable power and reduce GHG emissions. Over the past year, the Company has developed its "Climate Positive Strategy", with input from climate strategy advisor, Guidehouse. Argo is pleased to have achieved a number of significant milestones, including:
· Purchased Renewable Energy Credits (RECs) retroactively for 2020 and for any remaining non-renewable electricity use;
· Prioritised direct renewable purchase on-site or from a local grid;
· Purchased GHG offsets for any emissions associated with Argo value chain; and
· Purchased additional offsets such as Verified Emissions Reductions to encourage reduction of emissions further and have a "climate positive" overall impact
Furthermore, Argo is pleased to announce that it is now a participant in the UNFCCC's Climate Neutral Now initiative. As a participant, Argo undertakes to measure, reduce, contribute, and report emissions on a yearly basis in order to achieve a Climate Neutral world by 2050. Argo will also release an annual climate report, providing an overview of developments both within the Company and the wider sector.
The Company is also partnering and collaborating with competitors, consultants, and councils including REBA, RE100 and the Crypto Climate Accord to ensure the industry can derive solutions faster and more efficiently to create a more sustainable mining industry in the long term.
Peter Wall, Chief Executive of Argo and interim Chairman, said: "We are proud to be the first publicly traded company in the industry to report becoming climate positive and are pleased to announce our climate strategy. This strategy is representative of our ongoing commitment to reducing our environmental impact and, importantly, ensures that the benefits of the actions taken are felt directly in the localities in which emissions occur as a result of Argo's operations."
Britt
I’ll speak honestly. I constantly question my commitment to Argo. It’s been frustrating to not surge along with BTC to say the least. But my gut is telling me that the catch up will come. And NASDAQ will help because eventually investors will realise that other miners are overbought and shift their focus to Argo. I also have a sneaky suspicion the delay is intentional. Imagine this: Argo lists NASDAQ end of Q3, announces massive miner purchases in Q4 to fill Texas - PW did say access is not the issue. Not sure what order lead time is these days so a few months buffer can be expected. I do believe it will come with some fundraising, but the order purchase will seek to fill at least half of Texas and the upside will be immense. Adding current EH we might look to 4EH, eg 600+ BTC per month. Maybe we sell some BTC to purchase. If so, of course PW would wait as he could afford more miners at a later point. Then offset the purchase with one month of new mining capabilities. I do believe a lot of this is about optimal timing. Only a gut feeling.
Peter has “spoken”. He liked comment.
https://twitter.com/tuckerhealth/status/1424651818337030144?s=21
It’s a concentrated effort to effect share price via fear mongering. I’d be curious who is behind it. Definitely Someone heavily invested in a short position where this effort is worthwhile (if successful) and clutching his shirt collar as BTC momentum forms.
The FUD machine is impressive today. Argo Twitter account being trolled by faceless profiles created July 2021 and August 2021 about the Boatman report. Unbelievable effort on whatever fraud wrote this report. Just look at the webpage. It’s a mess. And the links are broken and questionable. If people believe this crap, I have no sympathy for your losses.
I had to remind myself that core scientific machines are still pending to be installed September and October 2021. Today’s announcement only talks issues with ePIC machines.
Whoever writes their communications needs firing! It’s a minefield to find the up to date information. 1685 PH still on track for Q4.
Update on Mining Infrastructure
The Company announces an update to its 22 February 2021 announcement relating to the expansion of the Company's mining capacity in Q4 2021 and 2022. As previously announced, Argo committed to an initial purchase of US$8 million of mining rigs from ePIC Blockchain Technologies ("ePIC"), with delivery expected to begin in Q4 2021. However, based on limitations of technology, Argo and ePIC have agreed to amend the agreement. Under the amended agreement, the initial purchase order was cancelled and, at Argo's option, $5 million deposited with ePIC, in whole or in part, can be applied to the purchase of ePIC mining machines or ePIC common stock or repaid in full.