Argo Blockchain PLC Announces October Operational Update

Rhea-AI Summary

Argo Blockchain reported its operational update for October 2024, showing improved mining performance. The company mined 46 Bitcoin (1.5 BTC per day), marking a 24% increase from September's production. Mining revenue reached $3.0 million, up 36% from September's $2.2 million. The improved performance was attributed to increased uptime due to lower power costs and stronger hashprice during October. The company reported holding two BTC equivalent at month's end.

Positive

• 24% increase in Bitcoin mining production to 46 BTC
• 36% increase in monthly mining revenue to $3.0 million
• Improved operational efficiency due to lower power costs

Negative

• Low Bitcoin holdings of only 2 BTC equivalent

LONDON, ENGLAND / ACCESSWIRE / November 5, 2024 / Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), is pleased to provide the following operational update for October 2024.

During the month of October, the Company mined 46 Bitcoin ("BTC"), or 1.5 BTC per day, a 24% increase over the Company's September production.

Mining revenue in October 2024 amounted to $3.0 million up 36% from $2.2 million in September 2024. The increase in mining revenue reflects increased uptime as a result of lower power costs compared to September and the stronger hashprice realized during the month of October. As at 31 October 2024, the Company held two BTC equivalent.

This announcement contains inside information.

For further information please contact:

Argo Blockchain
Investor Relations	ir@argoblockchain.com
Tennyson Securities
Corporate Broker Peter Krens	+44 207 186 9030
Fortified Securities
Joint Broker Guy Wheatley, CFA	+44 7493 989014 guy.wheatley@fortifiedsecurities.com
Tancredi Intelligent Communication UK & Europe Media Relations	argoblock@tancredigroup.com

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

FAQ

How many Bitcoin did Argo Blockchain (ARBK) mine in October 2024?

Argo Blockchain mined 46 Bitcoin in October 2024, averaging 1.5 BTC per day.

What was Argo Blockchain's (ARBK) mining revenue in October 2024?

Argo Blockchain's mining revenue in October 2024 was $3.0 million, a 36% increase from September's $2.2 million.

How much Bitcoin did Argo Blockchain (ARBK) hold as of October 31, 2024?

Argo Blockchain held two Bitcoin equivalent as of October 31, 2024.

What caused the increase in Argo Blockchain's (ARBK) mining revenue in October 2024?

The increase was due to improved uptime from lower power costs and stronger hashprice during October 2024.