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4 Dec 2018 07:00
PRESS RELEASE
4 December 2018
Argo Blockchain PLC
('Argo' or 'the Company')
Business update
Argo, a leading UK-based provider of cryptocurrency mining services (LSE:ARB), is pleased to announce continuing strong growth as sales of its subscription packages continue to exceed supply and the Company's expectations.
The total number of sold packages increased by 146 per cent from 4,200 as at 1 October to 10,325 as of today after a new batch of mining packages sold out immediately on release to the market. As a result, the Company's target number of packages by January 2019 has been beaten by a significant margin ahead of schedule.
Argo estimates its current annualised revenue run-rate at approximately $6.2m (£4.8m), up from $0.26m at the time of its London stock market listing in August 2018.
Net cash amounted to approximately £15m as at 30th November.
Mike Edwards, co-founder and director of Argo, said: "Argo has come a long way since its inception only a year ago. Despite a recent downturn in the cryptocurrency market, we are continuing to experience a strong ramp-up in revenues due to good execution of our growth strategy.
"Our mining packages are being snapped up as quickly as we make these available and demand continues to exceed supply. With a strong balance sheet and prudent management of our investment in growth, Argo's long-term prospects remain bright and we look to the future with confidence."
For further information please contact:
Argo Blockchain |
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Mike Edwards President & Executive Director Neil Thapar Financial Communications Advisor | via Tancredi +44 207 887 7633
+44 (0) 7876 455323 | ||
Mirabaud Corporate Broker |
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Peter Krens
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+44 203 167 7221 | ||
Tancredi Intelligent Communication Media Relations |
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Salamander Davoudi salamander@tancredigroup.com
Georgia Hanias Georgia@tancredigroup.com |
+44 7957 549 906
+44 7812 211 403
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About Argo:
Argo Blockchain plc is a global data centre management business that provides a low-cost, flexible and user-friendly platform for the mining of leading cryptocurrencies. Our cloud-based Mining as a Service (MaaS) platform is available at scale on a subscription fee of US$50 per month. Our platform provides consumers without significant computing expertise or complex and expensive hardware with the opportunity to mine Bitcoin, Bitcoin Gold, Ethereum, Ethereum Classic, Zcash, Horizen and Komodo. Argo is headquartered in London, UK and operates state-of-the art data centres in Quebec, Canada. The Company's shares are listed on the main market of London Stock Exchange under the ticker: ARB.
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