• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
PublishDashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI employees
    Legal
    Terms of usePrivacy policyCookie policy

    Argo Blockchain PLC Announces February 2022 Operational Update

    3/7/22 2:00:00 AM ET
    $ARBK
    Finance: Consumer Services
    Finance
    Get the next $ARBK alert in real time by email

    LONDON, UK / ACCESSWIRE / March 7, 2022 / Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), is pleased to provide the following operational update for February 2022.

    During the month of February, Argo mined 135 Bitcoin or Bitcoin Equivalent (together, BTC) compared to 172 BTC in January 2022. This reduction of BTC mined during February is primarily due to record high global hashrate and subsequent network difficulty increase. Additionally, the Company's facilities in Mirabel and Baie Comeau, Quebec were subject to significant curtailment due to cold winter conditions, as were the Company's hosted machines at Core Scientific's facility in North Dakota. This curtailment exemplifies how cryptocurrency mining facilities can be used to stabilise North America's electrical grid by reducing energy consumption during times of peak demand. Argo, like other crypto miners, has agreements to access lower electricity prices with suppliers in return for limiting usage in periods of peak demand.

    Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in February amounted to £4.15 million [$5.58m*] (January 2022: £5.26 million [$7.10 million*]).

    Argo generated this income at a Bitcoin and Bitcoin Equivalent Mining Margin of approximately 71% for the month of February (January 2022: 74%).

    At the end of February, the Company owned 2,685 Bitcoin, of which 246 were BTC equivalents.

    Intel Supply Agreement

    The Company is also pleased to announce it has signed a supply agreement with Intel Corporation to purchase Intel's new blockchain accelerator. The Company has pro-rata allocation rights to purchase a supply of the Intel units, with delivery anticipated to begin in the second half of 2022.

    The Company expects to announce more details in the coming months, including the anticipated future increase in the Company's hashrate from this supply agreement.

    Helios Mining Facility Update

    The Company is also pleased to provide the following update on the construction of its 200 MW flagship cryptocurrency mining facility, Helios, in Dickens County, Texas. The Company announces that it has placed an order with PA Transformer for four additional Main Power Transformers which will provide an additional 600 MW of total power to Argo's Helios facility. They are identical in specification to the initial order of transformers the Company is currently installing on site, and will be delivered in Q1 and Q2, 2023.

    Peter Wall, Chief Executive of Argo and interim Chairman, said: "During February, we have experienced exceptional weather conditions and are hopeful that these are behind us. Regardless of this, we have continued to ensure that Argo is set to grow and deliver on its intended objectives for the forthcoming year. The Company's recent appointment of Raghav Chopra as an independent non-executive director, continued progress with construction of the Helios facility, and the supply agreement we have signed with Intel are testaments to the fact that we are on the right track to achieving our goals for the year."

    Non-IFRS Measures

    Bitcoin and Bitcoin Equivalent Mining Margin is a financial measure not defined by IFRS. We believe Bitcoin and Bitcoin Equivalent Mining Margin has limitations as an analytical tool. In particular, Bitcoin and Bitcoin Equivalent Mining Margin excludes the depreciation of mining equipment and so does not reflect the full cost of our mining operations, and it also excludes the effects of fluctuations in the value of digital currencies and realized losses on the sale of digital assets, which affect our IFRS gross profit. This measure should not be considered as an alternative to gross margin determined in accordance with IFRS, or other IFRS measures. This measure is not necessarily comparable to similarly titled measures used by other companies. As a result, you should not consider this measure in isolation from, or as a substitute analysis for, our gross margin as determined in accordance with IFRS.

    The following table shows a reconciliation of gross margin to Bitcoin and Bitcoin Equivalent Mining Margin, the most directly comparable IFRS measure, for the months of January 2022 and February 2022.

    Month Ended 31 January 2022

    Month Ended 28 February 2022

    £

    $

    £

    $

    Gross (loss)/profit¹

    (13,204,218)

    (17,832,213)

    11,383,225

    15,372,973

    Gross Margin

    (251%)

    (251%)

    276%

    276%

    Depreciation of mining equipment

    1,284,142

    1,734,226

    1,287,252

    1,738,426

    Charge in fair value of digital currencies

    15,460,310

    20,879,051

    (9,380,856)

    (12,668,786)

    Realised loss/(gain) on sale of digital currencies

    331,171

    447,244

    (377,028)

    (509,174)

    Mining Profit

    3,871,405

    5,228,308

    2,912,593

    3,933,439

    Bitcoin and Bitcoin Equivalent Mining Margin

    74%

    74%

    71%

    71%

    (1) Due to favourable changes in the fair value of Bitcoin and Bitcoin Equivalents in February 2022 there was a gross profit. January 2022 resulted in a gross loss due to unfavourable changes in the fair value of digital currencies.

    * Dollar values translated from pound sterling into U.S. dollars using the noon buying rate of the Federal Reserve Bank of New York as at the applicable dates.

    Forward-Looking Information

    This announcement contains inside information and includes forward-looking statements which reflect the Company's or, as appropriate, the Directors' current views, interpretations, beliefs or expectations with respect to the Company's financial performance, business strategy and plans and objectives of management for future operations. These statements include forward-looking statements both with respect to the Company and the sector and industry in which the Company operates. Statements which include the words "expects", "intends", "plans", "believes", "projects", "anticipates", "will", "targets", "aims", "may", "would", "could", "continue", "estimate", "future", "opportunity", "potential" or, in each case, their negatives, and similar statements of a future or forward-looking nature identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties because they relate to events that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. Accordingly, there are or will be important factors that could cause the Company's actual results, prospects and performance to differ materially from those indicated in these statements. In addition, even if the Company's actual results, prospects and performance are consistent with the forward-looking statements contained in this document, those results may not be indicative of results in subsequent periods. These forward-looking statements speak only as of the date of this announcement. Subject to any obligations under the Prospectus Regulation Rules, the Market Abuse Regulation, the Listing Rules and the Disclosure and Transparency Rules and except as required by the FCA, the London Stock Exchange, the City Code or applicable law and regulations, the Company undertakes no obligation publicly to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. For a more complete discussion of factors that could cause our actual results to differ from those described in this announcement, please refer to the filings that Company makes from time to time with the United States Securities and Exchange Commission and the United Kingdom Financial Conduct Authority, including the section entitled "Risk Factors" in the Company's Registration Statement on Form F-1.

    For further information please contact:

    Argo Blockchain

    Peter Wall

    Chief Executive

    via Tancredi +44 203 434 2334

    finnCap Ltd

    Corporate Finance

    Jonny Franklin-Adams

    Tim Harper

    Joint Corporate Broker

    Sunila de Silva

    +44 207 220 0500

    Tennyson Securities

    Joint Corporate Broker

    Peter Krens

    +44 207 186 9030

    OTC Markets

    Jonathan Dickson

    [email protected]

    +44 204 526 4581

    +44 7731 815 896

    Tancredi Intelligent Communication

    UK & Europe Media Relations

    Emma Valgimigli

    Emma Hodges

    Fabio Galloni-Roversi Monaco

    Nasser Al-Sayed

    [email protected]

    +44 7727 180 873

    +44 7861 995 628

    +44 7888 672 701

    +44 7915 033 739

    About Argo:

    Argo Blockchain plc is a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy. 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 and on the Nasdaq Global Select Market in the United States under the ticker: ARBK.

    This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

    SOURCE: Argo Blockchain PLC



    View source version on accesswire.com:
    https://www.accesswire.com/691753/Argo-Blockchain-PLC-Announces-February-2022-Operational-Update

    Get the next $ARBK alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $ARBK

    DatePrice TargetRatingAnalyst
    1/8/2025Underperform
    Keefe Bruyette
    4/26/2024Buy → Neutral
    H.C. Wainwright
    10/10/2022$7.00 → $3.00Overweight → Equal Weight
    Barclays
    3/25/2022$11.00Hold
    Stifel
    3/8/2022$21.00 → $25.00Buy
    Compass Point
    More analyst ratings

    $ARBK
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Argo CEO Change

      LONDON, UK / ACCESS Newswire / January 21, 2025 / Argo Blockchain plc (LSE:ARB)(NASDAQ:ARBK) announces that Thomas Chippas is stepping down from his positions as Chief Executive Officer and Director effective 28 February 2025. Argo intends to engage an executive search firm to assist with the process of selecting a new Chief Executive Officer and will update the market in due course. In the interim, the Board has appointed Jim MacCallum, current Chief Financial Officer, as interim-Chief Executive Officer.Matthew Shaw, Chairman of the Board, said: "Thomas has made significant contributions to Argo including the repayment of the Galaxy loan ahead of schedule and improving the balance sheet. On

      1/21/25 2:00:00 AM ET
      $ARBK
      Finance: Consumer Services
      Finance
    • Argo Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency

      LONDON, UNITED KINGDOM / ACCESS Newswire / January 17, 2025 / Argo Blockchain plc (LSE:ARB)(NASDAQ:ARBK), announces today that it has received written notification (the "Notification Letter") from the Nasdaq Stock Market LLC Listing Qualifications Department ("Nasdaq") that it is not in compliance with the minimum bid price requirement set forth in Nasdaq Rule 5450(a)(1) since the closing bid price for the Company's American Depositary Shares ("ADS") listed on the Nasdaq Global Select Market was below $1.00 for 30 consecutive business days.In accordance with Listing Rule 5810(c)(3)(A), the Company has until 15 July 2025, to regain compliance with the minimum bid price requirement, during whi

      1/17/25 2:00:00 AM ET
      $ARBK
      Finance: Consumer Services
      Finance
    • Argo Blockchain PLC Announces December Operational Update

      LONDON, UNITED KINGDOM / ACCESSWIRE / January 7, 2025 / Argo Blockchain plc (LSE:ARB)(NASDAQ:ARBK) is pleased to provide the following operational update for December 2024.During the month of December, the Company mined 39 Bitcoin ("BTC"), or 1.3 BTC per day, consistent with November's production.Mining revenue in December 2024 amounted to $3.9 million, an increase from $3.4 million in November 2024 due to the higher hashprice and BTC price realized in December as compared to November. As at 31 December 2024, the Company held two BTC equivalent.As previously announced, the Company's hosting agreement with Galaxy ended on December 28, 2024. The 23,619 S19J Pros at the Galaxy site will be refu

      1/7/25 2:00:00 AM ET
      $ARBK
      Finance: Consumer Services
      Finance

    $ARBK
    SEC Filings

    See more
    • SEC Form 6-K filed by Argo Blockchain plc

      6-K - Argo Blockchain Plc (0001841675) (Filer)

      7/1/25 8:22:20 AM ET
      $ARBK
      Finance: Consumer Services
      Finance
    • SEC Form 6-K filed by Argo Blockchain plc

      6-K - Argo Blockchain Plc (0001841675) (Filer)

      6/30/25 1:45:09 PM ET
      $ARBK
      Finance: Consumer Services
      Finance
    • SEC Form 6-K filed by Argo Blockchain plc

      6-K - Argo Blockchain Plc (0001841675) (Filer)

      6/30/25 7:10:01 AM ET
      $ARBK
      Finance: Consumer Services
      Finance

    $ARBK
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Keefe Bruyette initiated coverage on Argo Blockchain Plc

      Keefe Bruyette initiated coverage of Argo Blockchain Plc with a rating of Underperform

      1/8/25 8:43:36 AM ET
      $ARBK
      Finance: Consumer Services
      Finance
    • Argo Blockchain Plc downgraded by H.C. Wainwright

      H.C. Wainwright downgraded Argo Blockchain Plc from Buy to Neutral

      4/26/24 6:50:36 AM ET
      $ARBK
      Finance: Consumer Services
      Finance
    • Argo Blockchain Plc downgraded by Barclays with a new price target

      Barclays downgraded Argo Blockchain Plc from Overweight to Equal Weight and set a new price target of $3.00 from $7.00 previously

      10/10/22 7:24:27 AM ET
      $ARBK
      Finance: Consumer Services
      Finance