Argo Blockchain PLC Announces May Operational Update, TVR and New Shares
Rhea-AI Summary
Argo Blockchain PLC (LSE:ARB, NASDAQ:ARBK), a global leader in cryptocurrency mining, has released its operational update for May 2024. During this month, the company mined 45 Bitcoin or Bitcoin equivalents, averaging 1.5 BTC per day, which represents a 55% decrease compared to April 2024 due to the Bitcoin halving event.
May 2024 mining revenue was $2.9 million, down 56% from $6.6 million in April 2024. Despite the revenue drop, the company achieved mining margins of approximately 30% through lower power prices and fleet optimization. As of May 31, 2024, Argo held 11 BTC equivalents.
The company also issued 626,883 new ordinary shares as part of the 2022 Equity Incentive Plan, making the total share capital 578,397,673 ordinary shares with equal voting rights.
Positive
- Mining margins of approximately 30% achieved through lower power prices and fleet optimization.
- Issuance of 626,883 new ordinary shares under the 2022 Equity Incentive Plan.
Negative
- 55% decrease in BTC mined in May 2024 compared to April 2024.
- 56% decrease in mining revenue in May 2024 compared to April 2024.
- Only 11 BTC equivalents held as of May 31, 2024.
News Market Reaction – ARBK
In the trading session that priced this news, ARBK gained 3.56%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
LONDON, ENGLAND / ACCESSWIRE / June 5, 2024 / Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), is pleased to provide the following operational update for May 2024.
During the month of May, the Company mined 45 Bitcoin or Bitcoin Equivalents (together, "BTC"), or 1.5 BTC per day. The
Mining revenue in May 2024 amounted to
Allotment of New Shares
Additionally, the Company announces that it has issued 626,883 new ordinary shares of £0.001 each in the capital of the Company ("Ordinary Shares") pursuant to the terms of previously granted Restricted Share Units under the 2022 Equity Incentive Plan approved by shareholders at the Company's 2022 Annual General Meeting.
The new Ordinary Shares rank pari passu with the existing Ordinary Shares in issue, and application has been made for the shares to be admitted to the Official List and to trading on the Main Market of the London Stock Exchange PLC.
Share Capital and Total Voting Rights
The Company also announces, in compliance with its obligations under Rules 5.6.1R and 5.6.2G of the Disclosure Guidance and Transparency Rules, that as at 31 May 2024, the Company's share capital will consist of 578,397,673 ordinary shares of £0.001 each (Ordinary Shares). All of the Ordinary Shares have equal voting rights and there are no shares held in Treasury.
The above figure may be used by shareholders as the denominator for the calculations by which they can determine whether they are required to notify their interest in, or a change of their interest in, the Company under the FCA Disclosure Guidance and Transparency Rules.
This announcement contains inside information.
For further information please contact:
Argo Blockchain | |
Investor Relations | |
Tennyson Securities | |
Corporate Broker Peter Krens | +44 207 186 9030 |
Fortified Securities | |
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 mining facilities in Quebec, mining operations in Texas, 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