Argo Blockchain PLC Announces December Operational Update
Rhea-AI Summary
Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) has released its operational update for December 2024. The company maintained its Bitcoin mining rate at 1.3 BTC per day, producing a total of 39 Bitcoin during the month. Mining revenue increased to $3.9 million from November's $3.4 million, attributed to higher hashprice and BTC price.
The company reported holding two BTC equivalent as of December 31, 2024. Additionally, Argo's hosting agreement with Galaxy concluded on December 28, 2024. The company's 23,619 S19J Pro machines from the Galaxy site will undergo refurbishment for air-cooled facility compatibility, with Argo currently evaluating alternative hosting locations.
Positive
- Mining revenue increased 14.7% to $3.9 million from $3.4 million in November
- Maintained consistent daily Bitcoin production rate of 1.3 BTC
Negative
- Low Bitcoin holdings of only 2 BTC as of December 31
- Hosting agreement with Galaxy ended, requiring machine relocation and refurbishment
- Uncertainty regarding new hosting location for 23,619 mining machines
News Market Reaction
On the day this news was published, ARBK declined 2.60%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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
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 refurbished so they can be used in an air cooled facility. The Company is currently evaluating alternative sites to rehost the machines.
This announcement contains inside information.
For further information please contact:
Argo Blockchain |
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Investor Relations | |
Tennyson Securities |
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Corporate Broker Peter Krens | +44 207 186 9030 |
Fortified Securities |
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Joint Broker Guy Wheatley, CFA | +44 7493 989014 |
Tancredi Intelligent Communication UK & Europe Media Relations |
About Argo:
Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK) blockchain technology company focused on large-scale cryptocurrency mining. With a mining facility in Quebec and offices in the US, Canada, and the UK, Argo's global, sustainable operations are predominantly powered by renewable energy. In 2021, Argo became the first climate positive cryptocurrency mining company, and a signatory to the Crypto Climate Accord. For more information, visit www.argoblockchain.com.
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 the original press release on accesswire.com
FAQ
How many Bitcoin did Argo Blockchain (ARBK) mine in December 2024?
What was Argo Blockchain's (ARBK) mining revenue for December 2024?
How many Bitcoin did ARBK hold as of December 31, 2024?
What happened to ARBK's hosting agreement with Galaxy in December 2024?
How many mining machines does ARBK need to relocate after the Galaxy agreement end?
