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Press release content from Accesswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Accesswire
Press release content from Accesswire. The AP news staff was not involved in its creation.

Argo Blockchain PLC Announces Expansion of Mining Capacity

September 30, 2021 GMT

LONDON, ENGLAND / ACCESSWIRE / September 30, 2021 / Argo Blockchain, a global leader in cryptocurrency mining (LSE:ARB; NASDAQ:ARBK), is pleased to announce that it has executed a purchase agreement for 20,000 Bitmain Antminer S19J Pro machines, to be paid in periodic installments before final shipment. The initial deposit is currently being funded by the Company’s cash reserves. The machines are expected to increase Argo’s hashrate by over 2 Exahash and are expected to be delivered and installed at the Company’s future Texas facility in monthly batches from Q2 2022 through Q3 2022. Based on existing capacity and previous orders, Argo’s mining capacity is expected to be 1.7 Exahash by mid-Q4 2021. This expansion will bring the Company’s total mining capacity to 3.7 Exahash by the end of Q3 2022. The Company is pleased to continue and strengthen its longstanding relationship with Bitmain.

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This announcement contains inside information and forward looking statements, including with respect to delivery schedules and future hashrate. Actual results could differ from those described herein for a variety of reasons, including unanticipated delays in machine delivery due to component supply shortages or other reasons, or disruptions to the Company’s current mining fleet that could reduce future hashrate. For a more complete discussion of factors that could cause our actual results to differ from those described in this announcement, please refer to the filings that Company makes from time to time with the FCA and the United States Securities and Exchange Commission, including the section entitled “Risk Factors” in the Company’s Registration Statement on Form F-1.

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

Tancredi Intelligent Communication

UK & Europe Media Relations

Emma Valgimigli

Emma Hodges

Salamander Davoudi

argoblock@tancredigroup.com

+44 7727 180 873

+44 7861 995 628

+44 7957 549 906

About Argo:

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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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Argo Blockchain PLC

View source version on accesswire.com:

https://www.accesswire.com/666291/Argo-Blockchain-PLC-Announces-Expansion-of-Mining-Capacity