Last checked at 6 Aug 2019 07:00
PRESS RELEASE
6 August 2019
Argo Blockchain PLC
('Argo' or 'the Company')
July 2019 Operational Update
Argo, a UK-based provider of enterprise-scale crypto mining services, is pleased to provide the following trading update for July 2019:
·; The Company generated 163 Bitcoins (BTC), or £1.36m of cryptoassets, in July based on a BTC price of US$10,122 as of 31 July 2019. The assets were mined at a mining margin of roughly 80%. Argo considers that this continues to demonstrate the Company's efficiency and cements its belief that it is one of the most efficient crypto miners in the market;
·; Installation of new mining equipment continues apace with 1,000 Z11 and 2,269 S17 Antminers currently in production at Argo's Quebec facilities, which were installed and mining ahead of the Company's original schedule;
·; As part of the Company's previously announced expansion, an additional 7,000 state-of-the-art mining machines will be delivered and in production by the end of Q4 2019. The delivery and installation schedule of the new equipment is expected to result in a sequential month-on-month rise in Argo's production capacity over the next five months to approximately 500 Petahash by the end of Q4, representing a 296% increase over current capacity.
Mike Edwards, executive chairman of Argo, said: "We are pleased with the mining results in July as they demonstrate that we can use our existing investment in people and facilities and add new mining hardware with no increase in staffing and no material increases in non-mining costs. This operational gearing is very important as we triple our mining capacity over the next two quarters with no significant increase in non-mining costs."
For further information please contact:
Argo Blockchain |
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Mike Edwards President & Executive Director
Neil Thapar Financial Communications Adviser | via Tancredi +44 207 887 7633
+44 (0) 7876 455323 |
Mirabaud |
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Corporate Broker Peter Krens | +44 203 167 7221 |
Tancredi Intelligent Communication Media Relations |
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Salamander Davoudi salamander@tancredigroup.com
Emma Valgimigli emma@tancredigroup.com | +44 7957 549 906
+44 7727 180 873 |
About Argo:
Argo Blockchain plc is a global data centre business that provides a purpose-built and flexible platform for mining of leading cryptocurrencies for the enterprise-scale and institutional sectors worldwide from operational centres in Canada. 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.
www.argomining.co
See Argo's largest facility in Quebec:
https://youtu.be/LDWWaZ75Zbk