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Argo Blockchain PLC Announces November 2021 Operational Update

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LONDON, UK / ACCESSWIRE / December 7, 2021 / Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), is pleased to provide the following operational update for November 2021.

During the month of November, Argo mined 185 Bitcoin or Bitcoin Equivalent (together, BTC) compared to 167 BTC in October. This brings the total amount of BTC mined year-to-date to 1,831 BTC.

Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in November amounted to £8.29 million [$11.20 million*] (October 2021: £7.24 million [$9.75 million*]).

Argo generated this revenue at a Bitcoin and Bitcoin Equivalent Mining Margin of approximately 86% for the month of November (October 2021: 86%).

At the end of November, the Company owned 2,317 Bitcoin or Bitcoin Equivalent.

Mining Expansion
As of the end of November, Argo added an additional 310 PH/s to its total capacity, bringing the Company's total mining capacity to 1.605 EH/s as of 30 November, 2021.

Peter Wall, Chief Executive of Argo and interim Chairman said: "Execute. Build. Smart Growth. Onwards and Upwards".

Non-IFRS Measures
Bitcoin and Bitcoin Equivalent Mining Margin is a financial measure not defined by IFRS and 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 realised 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 Bitcoin and Bitcoin Equivalent Mining Margin to gross margin, the most directly comparable IFRS measure, for the months of October and November 2021.


Month Ended 31 October 2021

Month Ended 30 November 2021

£

$

£

$

Gross Profit/(Loss)

33,060,353

44,532,296

(1,108,192

)

(1,496,606

)

Gross Margin1

422

%

422

%

(13

%)

(13

%)

Depreciation of mining equipment

975,103

1,313,464

1,203,238

1,624,965

Charge in fair value of digital currencies

(27,446,831

)

(36,970,882

)

7,371,093

9,954,614

Realised loss on sale of digital currencies

-

-

8,364

11,296

Cryptocurrency management fees

(361,578

)

(487,045

)

(340,561

)

(459,925

)


Mining Profit

6,227,047

8,387,833

7,133,942

9,634,344

Bitcoin and Bitcoin Equivalent Mining Margin

86

%

86

%

86

%

86

%

(1) Due to favourable changes in fair value of Bitcoin and Bitcoin Equivalents in October 2021, gross profit exceeded revenue.

*Dollar values translated from pound sterling into U.S. dollars at the rate of £1.00 to $1.35 for November 2021 and £1.00 to $1.33 for October 2021. Exchange rates have been calculated using the noon buying rates of the Federal Reserve Bank of New York.

This announcement contains inside information.

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

jonathan@otcmarkets.com

+44 204 526 4581

+44 7731 815 896

Tancredi Intelligent Communication

UK & Europe Media Relations

Emma Valgimigli

Emma Hodges

Salamander Davoudi

Fabio Galloni-Roversi Monaco

argoblock@tancredigroup.com

+44 7727 180 873

+44 7861 995 628

+44 7957 549 906

+44 7888 672 701

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 rns@lseg.com or visit www.rns.com.

SOURCE: Argo Blockchain PLC



View source version on accesswire.com:
https://www.accesswire.com/676289/Argo-Blockchain-PLC-Announces-November-2021-Operational-Update