Argo Blockchain Plc Stock Price, News & Analysis

Argo Blockchain reported a positive operational update for October 2021. The company mined 167 Bitcoin, increasing total year-to-date production to 1,646 BTC. October's mining revenue surged to £7.24 million ($9.75 million), up from £5.50 million in September, with a mining margin of approximately 86%. The company enhanced its capacity by adding 220 PH/s, totaling 1.295 EH/s. Additionally, Colleen Sullivan resigned from the board for personal career reasons, with no disagreements reported.

Argo Blockchain disclosed material non-public information (MNPI) after a meeting with Anthony Coyle on November 4, 2021. Notably, Argo stated it does not have sufficient data to claim a 25% increase in hash-rate due to immersion cooling technology. They indicated that alternative cryptocurrencies could represent up to 20% of total revenue, not a forecast but a directional insight. Additionally, they reported a 500% return on a specific investment, though this was not material. Lastly, costs to build a Texas mining facility could range from US$1.5 billion to US$2.0 billion, subject to various risks.

Argo Blockchain achieved record revenue of $26.0 million and net income of $17.3 million for Q3 2021, with an EBITDA of $28.2 million. The company mined 597 Bitcoin and Bitcoin equivalents, boosting total BTC holdings to 1,836. Key developments include the ongoing construction of the Helios mining facility in Texas, which will enhance mining capacity. Additionally, Argo successfully completed its ADR listing on Nasdaq on September 23, 2021, further solidifying its market presence.

Argo Blockchain (LSE:ARB, NASDAQ:ARBK) reported record financial results for Q3 2021, achieving revenues of $26.0 million and net income of $17.3 million. The company mined 597 Bitcoin, increasing total holdings to 1,836 BTC. EBITDA for the quarter was $28.2 million. Construction of the new Helios mining facility in Texas is in progress, aimed at enhancing mining capacity by accessing 800 MW of power. Additionally, the company completed its ADR listing on Nasdaq, expanding its market presence.

Argo Blockchain plc will release its Q3 2021 financial results on November 1, 2021, after Nasdaq trading closes. A conference call will follow on November 2, 2021, at 08:00 ET/12:00 GMT, accessible via the Investor Meet Company platform. Interested investors can register for the call online. Argo Blockchain is a leader in cryptocurrency mining, based in London, UK, and listed on both the London Stock Exchange and Nasdaq. This announcement provides investors with essential information regarding its upcoming results and engagement opportunities.

Argo Blockchain reported operational results for September 2021, with 165 BTC mined, down from 206 BTC in August. Year-to-date mining totals 1,479 BTC. September revenue reached £5.50 million ($7.59 million), decreasing from £6.83 million ($9.43 million) in August. The mining margin was approximately 84%, slightly down from 86%. As of September 30, the company held 1,836 BTC. The report highlights resilience despite increasing network difficulty since July.

Argo Blockchain has signed a purchase agreement for 20,000 Bitmain Antminer S19J Pro machines, which will be paid in installments before shipment. This acquisition will enhance Argo's hashrate by over 2 Exahash, increasing its total mining capacity to 3.7 Exahash by the end of Q3 2022. The initial deposit is funded by cash reserves, with deliveries expected between Q2 2022 and Q3 2022. The company highlights its ongoing relationship with Bitmain.

Argo Blockchain Plc (LSE: ARB; OTCQX: ARBKF) has successfully closed its public offering of 8,525,000 American Depositary Shares (ADSs), equivalent to 85,250,000 ordinary shares, at a price of $15 per ADS. This offering generated approximately $127.9 million in gross proceeds. The offering included 7,500,000 ADSs initially announced and an additional 1,025,000 ADSs exercised by underwriters. The ADSs began trading on Nasdaq on September 23, 2021. Jefferies and Barclays served as joint book-running managers for this transaction.

Argo Blockchain has published a prospectus approved by the Financial Conduct Authority concerning its initial public offering (IPO) of American Depositary Shares in the U.S. The IPO follows a previous announcement made on September 14, 2021. Copies of the prospectus will be available at the National Storage Mechanism and on Argo's website. Jefferies and Barclays are the joint book-running managers for the IPO. The registration statement for these securities became effective on September 22, 2021. This release does not constitute an offer or solicitation for the sale of these securities.