Argo Blockchain PLC Announces December 2021 Operational Update

Time:2022-01-14 Source: 822 views Trending Copy share

Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), is pleased to provide the following

operational update for December 2021.

During the month of December, Argo mined 214 Bitcoin or Bitcoin Equivalent (together, BTC) compared to 185 BTC in November.

This brings the total amount of BTC mined in 2021 to 2,045 BTC.

Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in December amounted to

£7.82 million [$10.55 million*] (November 2021: £8.29 million [$11.20 million*]).

Argo generated this income at a Bitcoin and Bitcoin Equivalent Mining Margin of approximately 83% for the month of December

(November 2021: 86%).

At the end of December, the Company owned 2,595 Bitcoin or Bitcoin Equivalent.

Helios Mining Facility Update

The Company is also pleased to provide the following update on the construction of its 200MW flagship cryptocurrency mining

facility, Helios, in Dickens County, Texas. The construction of Argo's facility remains on time and the main structure,

outside facade, and roof have now been completed. The next phase of construction and build out of essential infrastructure

are ongoing, with a projected completion date in the first half of 2022.

Peter Wall, Chief Executive of Argo and interim Chairman, said: "2021 has been a transformational year for both Argo and

the cryptocurrency sector. We began development on our mining facility in Texas and we took Argo to NASDAQ. Our efforts

allowed us to expand our global presence and we look forward to the year ahead and the opening of our mining facility in

Dickens County, Texas".

Non-IFRS Measures

Bitcoin and Bitcoin Equivalent Mining Margin is a financial measure not defined by IFRS. We believe Bitcoin and Bitcoin
Equivalent Mining Margin have limitations as an analytical tool. In particular, Bitcoin and Bitcoin Equivalent Mining
Margin excludes the depreciation of mining equipment and so does not reflect the full cost of our mining operations, and it
also excludes the effects of fluctuations in the value of digital currencies and realized losses on the sale of digital
assets, which affect our IFRS gross profit. This measure should not be considered as an alternative to gross margin
determined in accordance with IFRS, or other IFRS measures. This measure is not necessarily comparable to similarly titled
measures used by other companies. As a result, you should not consider this measure in isolation from, or as a substitute
analysis for, our gross margin as determined in accordance with IFRS.

The following table shows a reconciliation of Bitcoin and Bitcoin Equivalent Mining Margin to gross margin, the most
directly comparable IFRS measure, for the months of November and December 2021.

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