Argo Blockchain plc, a global leader in cryptocurrency mining (LSE: ARB; NASDAQ: ARBK), is pleased to provide the following operational update for January 2023.
During the month of January, Argo mined 168 Bitcoin or Bitcoin Equivalents (together, BTC), which is an increase of 14% compared to 147 BTC mined in December 2022. The increase in BTC mined was primarily due to fewer curtailment hours in January compared to December, when a severe winter storm impacted much of the United States. This was partially offset by higher network difficulty, which on average, was 3% higher in January than in the prior month.
As of 31 January 2023, the Company held 115 Bitcoin or Bitcoin Equivalents.
The Company’s total hashrate capacity continues to be 2.5 EH/s.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in January amounted to $3.42 million [£2.80 million*] (December 2022 $2.49 million [£2.07 million*].
The Company continues to work closely with Galaxy Digital Holdings, Ltd. (TSX: GLXY) as they take over operations at Helios. Due to the change in ownership of Helios, Argo will no longer disclose mining profit on a monthly basis; it will no longer include the non-IFRS reconciliation table in its monthly operational updates. The Company will continue to provide these figures on a quarterly basis and in its financial statements.
Class Action Lawsuit
The Company also wishes to address the class action lawsuit that has been filed against the Company. The case, Murphy vs Argo Blockchain plc et al, was filed in the Eastern District of New York on 26 January 2023. Argo has engaged McDermott, Will, and Emery, LLP as its defence counsel. The Company refutes all of the allegations and believes that this class action lawsuit is without merit. Argo will vigorously defend itself against the action.
For further information please contact:
Argo Blockchain
Peter Wall
Chief Executive
