Last checked at 8 Oct 2019 07:00
PRESS RELEASE
8 October 2019
Argo Blockchain PLC
('Argo' or 'the Company')
Revenues Increase 75% in Third Quarter
Argo, a UK-based provider of enterprise scale cryptocurrency mining services (LSE: ARB), is pleased to provide the following operational update for the third quarter ended 30th September 2019:
The Company generated revenues of £3.63m from its cryptocurrency mining operations in Q3, a 75% increase from Q2 2019. These assets were mined at a mining margin of approximately 73%, which the Company believes to be one of the highest efficiency rates in the market.
This margin was achieved despite a rise in mining difficulty and network hash rates, as well as a recent softening in the Bitcoin price.
Our continuing excellent mining efficiency is a function of several factors including:
·; highly competitive prices at which we procure clean electricity under long-term contracts
·; a low operating cost base
·; our expertise in configuring and running our hardware infrastructure in a way that optimizes returns from mining
·; maintaining up-to-date and dedicated data centres
·; a team of experts in the crypto industry making timely hardware decisions
The total number of machines in production stands at 6,000 and the Company is on track to install approximately 6,000 more machines, currently on order, before the end of the year.
Mike Edwards, executive chairman of Argo, said: "We are delighted with the mining results in Q3 which, together with strong cash management, have helped us to maintain a robust balance sheet. Our investment in the most advanced mining hardware on the market continues to provide us with a competitive edge even as mining conditions become more challenging. During the third quarter the Company adopted a policy to exchange its mined Bitcoins into fiat currency on a regular basis to avoid additional exposure to Bitcoin pricing. We remain focussed on our revenue and bottom line, while executing our growth strategy to become the world's largest publicly listed miner next year."
Argo Blockchain |
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Mike Edwards President & Executive Director
Neil Thapar Financial Communications Adviser | via Tancredi +44 203 434 2334
+44 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