Argo Blockchain Cryptocurrency Mining Company Surpasses 1,000 Bitcoin Holding, Provides Mining Infrastructure Update


LONDON–(COMMERCIAL THREAD) – Argo Blockchain, a global leader in cryptocurrency mining (LSE: ARB) (OTCQX: ARBKF), is pleased to provide the following operational update for the month of May.

Operational update

During the month of May, Argo mined 166 Bitcoin or Bitcoin Equivalent (together, BTC) against 163 BTC in April. This brings the total amount of BTC mined to date to 716 BTC.

Based on daily exchange rates and cryptocurrency prices during the month, mining revenue in May was $ 7.8 million (April 2021: $ 9.3 million). Argo generated this income with an average monthly mining margin of around 82% for the month of May despite fluctuations in mining difficulty. (April 2021: 85%).

At the end of May, the Company held 1,108 Bitcoin or BTC equivalents.

Argo is also pleased to announce that it has signed a grid interconnection agreement with Wind Energy Transmission of Texas (WETT) and American Electric Power (AEP) for 200 MW at their Helios site in the Texas Panhandle for its installation. Texas mining company. The facility is expected to connect to the Electric Reliability Council of Texas (ERCOT) power grid in the first quarter of 2022. Argo also purchased two 90 MVA 345kV transformers from Pennsylvania Transformer Technology, a key part of the electrical infrastructure for the development of the company in Texas. The transformers will be manufactured in the United States and are expected to be delivered to the site in February 2022. When complete, the Argo mining facility in Texas is expected to be one of the largest facilities in the United States.

Mining infrastructure update

The Company also announces an update to its January 18, 2021 announcement regarding the expansion of the Company’s extraction capacity in the first and second quarter of 2021. As previously announced, Argo has purchased machines with a total of 540 petahash. (PH) from a leading manufacturer. However, due to production delays, the order was canceled and Argo received a full refund. Due to Argo’s long-standing partnership with Core Scientific, a replacement order has been placed with Bitmain (via Core Scientific) for Antminer S19 and S19J machines totaling PH 530 at a competitive price compared to current market rates. These mining rigs are expected to be delivered and installed in stages, with some machines already operational, and the rest to be installed, later than the initial order, in September and October 2021.

To meet the balance of the order, Argo has also increased a previous order from a second manufacturer from 70 PH to 80 PH, which is currently scheduled for delivery in July 2021. Together, the new mining equipment is expected to add approximately 610 PH to Les Argo’s existing operations, bringing the company’s expected total compute power to 1.68 exahash by mid-October 2021.

Investment in the company DeFi

As part of the company’s continued strategy to build a physical and digital cryptocurrency infrastructure, Argo is also pleased to announce that it has invested $ 208,000 (CA $ 250,000) in WonderFi Technologies Inc. ( formerly DeFi Ventures Inc.), as part of a larger fundraiser by WonderFi. WonderFi is a tech company with a mission to bring decentralized finance to the masses through a suite of products and tools that are built on the fundamentals of simplicity and education. As part of the investment, Peter Wall was appointed unpaid advisor to WonderFi.

“May has been a busy month. We have continued to generate strong income and as a result Argo’s Bitcoin holding has now exceeded 1,000 BTC, ”said Peter Wall, CEO of Argo. “We are also delighted to have signed the Crypto Climate Accord and to have participated in the creation of the Bitcoin Mining Council. These initiatives have the potential to enact systemic changes within our industry and accelerate the rate at which miners switch to renewable energy to power their operations. We are also pleased to announce Argo’s strategic investment in WonderFi. Access to this emerging sector needs to be democratized and we believe WonderFi is in an excellent position to achieve this.

About Argo:

Argo Blockchain plc is a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy. The Company is headquartered in London, United Kingdom, and its shares are listed on the main market of the London Stock Exchange under the symbol: ARB and on the OTCQX Best Market in the United States under the symbol: ARBKF.

argoblockchain.com


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