Argo Blockchain PLC Announces December Update/Management Change/Share Allotment
LONDON, ENGLAND / ACCESSWIRE / January 8, 2024 / Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), is pleased to provide the following operational update for December 2023.
During the month of December, the Company mined 155 Bitcoin, or 5.0 Bitcoin per day. This is a 4% increase in daily Bitcoin production compared to the prior month, driven by increased transaction fees on the network, greater operational efficiency and offset by an increase in network difficulty.
Mining revenue in December 2023 amounted to $6.6 million, an increase of 25% compared to the prior month (November 2023: $5.3 million) and the highest revenue month of 2023. December was the fourth consecutive month where revenue grew by more than 18% month over month and daily Bitcoin production increased month over month.
As of 31 December 2023, the Company held 9 Bitcoin on its balance sheet and other digital assets worth the equivalent of 18 Bitcoin.
| Month | Bitcoin Mined | Unaudited Mining Revenue, excluding power credits |
| January 2023 | 168 | $3.4 |
| February 2023 | 162 | $3.8 |
| March 2023 | 161 | $4.1 |
| April 2023 | 144 | $4.2 |
| May 2023 | 173 | $4.7 |
| June 2023 | 139 | $3.8 |
| July 2023 | 129 | $3.9 |
| August 2023 | 105 | $2.9 |
| September 2023 | 136 | $3.6 |
| October 2023 | 143 | $4.3 |
| November 2023 | 145 | $5.3 |
| December 2023 | 155 | $6.6 |
(1) The Company accrued power credits of $0.2 million, $1.3 million, and $4.4 million in Q1 2023, Q2 2023, and Q3 2023, respectively. The preliminary and unaudited estimate for Q4 2023 power credits is in the range of $0.5 to $1 million.
Management Commentary
Argo's Chief Executive, Thomas Chippas, said, "I am delighted to close out 2023 with our strong performance both in December and in the full fourth quarter. During the fourth quarter, our daily production was 4.8 Bitcoin per day, which was a 20% increase from the prior quarter. This is despite a 19% increase in monthly average network difficulty in the fourth quarter compared to the prior quarter."
Grant of Equity Awards
On 5 December 2023, the Company granted 1,379,727 Restricted Stock Units ("RSUs") in accordance with the 2022 Equity Incentive Plan approved by shareholders at the Company's 2022 Annual General Meeting. The RSUs vest over a three-year period, with first vesting occurring six months from the date of grant (at which point 6/36ths vest) and, thereafter, the RSUs vest at a rate of 3/36th per quarter for the remainder of the vesting period subject to the continued employment of the grantee.
Change to Company Management and Share Allotment
Effective 5 January 2024, Seif El-Bakly stepped down from his position as Chief Operating Officer to pursue other opportunities. The Company thanks Mr. El-Bakly for leading Argo as Interim CEO from February to November 2023, and it wishes him well. The operations team has been reporting to the Chief Strategy Officer Sebastien Chalus since February 2023, and Mr. Chalus will continue to oversee all operations going forward.