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5 Feb 2024 07:00
Press Release
5 February 2024
Argo Blockchain plc
("Argo" or "the Company")
January Operational Update
Argo Blockchain plc, a global leader in cryptocurrency mining (LSE: ARB; NASDAQ: ARBK), is pleased to provide the following operational update for January 2024.
During the month of January, the Company mined 124 Bitcoin, or 4.0 Bitcoin per day. This 20% decrease in daily Bitcoin production compared to the prior month was driven by a 16% decrease in Bitcoin-denominated hashprice, and to a lesser extent, weather-related curtailments. Hashprice, which refers to the expected value of hashing power, is a function of the block subsidy, network difficulty, and transaction fees. The decrease in hashprice in January 2024 was driven by lower transaction fees on the Bitcoin network and higher network difficulty compared to December 2023.
Bitcoin production in January 2024 was negatively impacted by weather-related curtailments at the Company's facilities in Quebec and at the Helios facility in Texas. At Helios, the Company's operations were curtailed in response to winter weather conditions which led to elevated power prices across Texas, particularly during Winter Storm Heather. The facility generates power credits during periods of economic curtailment, and the Company's share of power credits from January 2024 will offset a portion of the foregone revenue from curtailment.
Mining revenue in January 2024 amounted to $5.3 million, a decrease of 19% compared to the prior month (December 2023: $6.6 million).
As of 31 January 2024, the Company held digital assets worth the equivalent of 18 Bitcoin.
Month | Bitcoin Mined | Unaudited Mining Revenue, excluding power credits ($USD in millions) |
January 2024 | 124 | $5.3 |
Management Commentary
Argo's Chief Executive, Thomas Chippas, said, "Our Bitcoin production decreased in January as transaction fees retreated from the temporary spike we saw in December. We also experienced some instances of curtailment as a result of winter weather in Quebec and Texas, which is a great reminder of how Bitcoin mining contributes to grid stability during extreme weather events. Bitcoin miners provide a unique source of baseload demand which can be quickly curtailed to free up electricity for other users on the grid."
This announcement contains inside information.
For further information please contact:
Argo Blockchain | |
Investor Relations | ir@argoblockchain.com |
Tennyson Securities | |
Corporate Broker Peter Krens | +44 207 186 9030 |
Fortified Securities | |
Joint Broker Guy Wheatley, CFA | +44 7493 989014 guy.wheatley@fortifiedsecurities.com |
Tancredi Intelligent Communication UK & Europe Media Relations | argoblock@tancredigroup.com |
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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