Argo Blockchain plc Announces 2021 Full Year Results

Argo Blockchain plc Announces 2021 Full Year Results

LONDON, UK/ACCESSWIRE/April 27, 2022/Argo Blockchain plc, a worldwide forerunner in cryptographic money mining (LSE:ARB)(NASDAQ:ARBK), is satisfied to declare its evaluated outcomes for the year finished 31 December 2021.


Revenue expanded by 291% to £74.2 million [$100.1 million] (2020: £19.0 million [$25.6 million]), driven by a huge expansion in Argo’s hashrate, the brief drop in trouble on the Bitcoin organization, and higher Bitcoin costs in 2021

Mining margin* was 84% (2020: 41%); this was driven generally by an expansion in the cost of Bitcoin all through 2021 and the drop in worldwide hashrate following the Chinese prohibition on Bitcoin mining in May 2021

Achieved EBITDA* of £52.9 million [$71.4 million] in 2021 contrasted and EBITDA* of £7.6 million [$10.3 million] in 2020, a 594% increase

Delivered overall gain of £30.8m [$41.5 million], a 2,033% increment over the earlier year (2020: £1.4 million [$1.9 million])

Cash and computerized resources held as at 31 December 2021 added up to £92.6 million [$124.9 million] in light of the Bitcoin cost at that time

Total number of Bitcoin mined was 2,045 out of 2021, 17% lower than in 2020; this diminishing is to a great extent owing to the splitting occasion that happened in May 2020 which scaled down the square honor from 12.5 to 6.25 Bitcoin per block

As at 31 March 2022, the Group held 2,700 Bitcoin and Bitcoin Equivalents esteemed at £93.6 million [$122.9 million] in view of the Bitcoin cost at that time

*See Non-IFRS reconciliation.

Operating highlights

Acquired the Helios project in Dickens County, Texas, which has an interconnection understanding for up to 800MW of influence limit; Phase 1 (starting 200MW), expected to be functional in May 2022

Acquired two server farms in Quebec (Mirabel and Baie Comeau) from GPUone with a consolidated all out of 20MW of influence capacity

Purchased 20,000 Bitmain S19J Pro mining machines with conveyance and establishment expected to happen in bunches from May to October 2022

Expanded Bitcoin mining limit from 0.6 Exahash each second (“EH/s”) to 1.6 EH/s

Story continues

Financing highlights

In Q1, raised £49.2 million [$66.4 million] in new value by means of private arrangement for interest in mining rigs, Texas improvement, blockchain/fintech adventures remembering a critical value speculation for Pluto Digital Assets plc, and working capital

In Q3, raised £94.8 million [$127.9 million] in new value through a public contribution on the Nasdaq Global Select Market, which fundamentally extended our financial backer reach by growing admittance to the US capital markets

In Q4, raised £29.6 million [$40.0 million] in debt without collateral through the issuance of senior notes exchanged on the Nasdaq Global Select Market

Post accounting report events

Signed a stock concurrence with Intel Corporation (“Intel”) to buy ASIC Blockscale chips

Launched Argo Labs, our in-house development arm zeroed in on essential enhancement and organization support in the more extensive web3 ecosystem

Raised £19.8 million [$26.7 million] in the red from New York Digital Investment Group which is gotten by electrical foundation hardware at Helios

Executed a consent to trade around 10,000 S19 machines being facilitated at Core Scientific offices for the identical hashrate of shiny new S19J Pro machines to be conveyed to the Helios office in Texas. Endless supply of this trade, Argo will never again have any machines facilitated at third gathering facilities

Outlook for 2022 and Beyond

Mining activities booked to start at Helios in May 2022

Expect to accomplish 5.5 EH/s of hashrate limit before the finish of 2022. This increment is driven by the establishment of the Bitmain S19J Pro machines and the sending of specially crafted mining machines using Intel’s cutting edge ASIC Blockscale chips

Additional capital spending to finish Helios Phase 1 is supposed to be in the scope of £93 million to £100 million ($125 million to $135 million), which will be supported fundamentally through obligation and continues from selling a piece of our Bitcoin mined every month (non-dilutive to existing Argo shareholders)

Beyond 2022, hashrate is supposed to develop altogether to in excess of 20 EH/s over the course of the following couple of years as 600 extra MW of limit at Helios is completely developed

Commenting on the outcomes, Peter Wall, Argo CEO, said: “2021 was truly a year of transformation for Argo as we accomplished key milestones to strengthen the foundation of the Group and position us for long-term success through the acquisition of the Helios project and our dual listing on Nasdaq.

“The obtaining of Helios furnished us with the chance to fabricate a top tier, in an upward direction incorporated office with admittance to minimal expense and manageable power, which is unequaled by our friends. With our mining activities at Helios expected to initiate in May, alongside the improvement of custom mining machines utilizing Intel’s cutting edge Blockscale ASIC chips, Argo is strategically situated to proceed with its development with an emphasis on conveying for our investors. Onwards and upwards.”

For further information please contact:

Argo Blockchain

Peter Wall
Chief Executive

via Tancredi +44 203 434 2334

finnCap Ltd

Corporate Finance
Jonny Franklin-Adams
Tim Harper
Joint Corporate Broker
Sunila de Silva

+44 207 220 0500

Tennyson Securities

Joint Corporate Broker
Peter Krens

+44 207 186 9030

OTC Markets

Jonathan Dickson
[email protected]

+44 204 526 4581
+44 7731 815 896

Tancredi Intelligent Communication
UK & Europe Media Relations

Emma Valgimigli
Emma Hodges
Fabio Galloni-Roversi Monaco
Nasser Al-Sayed
[email protected]

+44 7727 180 873
+44 7861 995 628
+44 7888 672 701
+44 7915 033 739

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, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB and on the Nasdaq Global Select Market in the United States under the ticker: ARBK.

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SOURCE: Argo Blockchain PLC

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