I Agree

We have updated our Privacy and Cookie Policy. By clicking "I Agree" below, you acknowledge that you accept our Privacy and Cookie Policy and Terms of Use.


This site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about cookies used on Trustnet and how you can manage them, see our Privacy and Cookie Policy.

By clicking "I Agree" below, you acknowledge that you accept our Privacy Policy and Terms of Use.

For more information Click here



It's look like you're leaving us

What would you like us to do with the funds you've selected

Show me all my options Forget them Save them
Customise this table
Share   Print      RSS

Argo Blockchain PLC (ARB)

Argo Blockchain PLC

Ten Fold Increase in 2019 Annual Revenue
RNS Number : 2417A
Argo Blockchain PLC
20 January 2020

Press Release

20 January 2020


Argo Blockchain PLC

('Argo' or 'The Company')


Trading Update

Annual revenues increase 10-fold in 2019


Argo, a leading cryptominer based in the UK (LSE: ARB), is pleased to provide the following operational update for the fourth quarter ended 31st December 2019 and annual revenues for last year.

The Company expects to report a 10-fold increase in annual revenues of approximately £8.5m for 2019, its maiden full year of operations, against £0.76m revenues in 2018.

For Q4, Argo produced 432 Bitcoins (BTC) from its cryptomining operations compared with 426 BTC in Q3, resulting in revenues of £2.66m compared with £3.63m in the previous quarter. The lower quarterly revenue is attributable to a drop in cryptocurrency prices, increased mining difficulty, and unfavourable foreign exchange rates towards the end of the year. 

The Company achieved a mining margin of approximately 52% during Q4 (Q3 2019: 73%), which it believes to be one of the highest efficiency rates in the market. The lower mining margin was again due to a 20% softening in the price of Bitcoin as well as a rise in mining difficulty and network hash rates in Q4. 

Since the year end, the Company is ahead of schedule with the rapid expansion of its installed production capacity, which currently stands at 13,364 machines. This includes 6,375 new generation Bitmain Antminer T17s delivered and installed since the beginning of this month. 

The Company also remains on track to install 3,625 more T17s machines by the end of Q1 2020, with the goal of establishing a total production base of 17,000 machines. 

The Company's installed machines currently produce 380 petahash. Following the installation of the final 3,625 machines currently on order, the Company expects to generate more than 650 petahash.

Peter Wall, chief executive of Argo, said: "Thanks to a resilient performance in the last quarter, Argo delivered annual revenues of approximately £8.5m in 2019, our maiden operational year when we commenced mining at scale only in the second half."

"Our mining operations continued to generate industry-best mining margin in the last quarter despite a softening in market conditions from the previous quarter. Our state-of-the-art mining platform is performing as expected and with the expansion of our mining network on pace, along with the recent rise with the price of Bitcoin, Argo is well-placed for a strong year ahead."

Argo will report its audited results for 2019 in April.

This announcement contains inside information.




For further inquiries please contact:


Argo Blockchain

Peter Wall

Chief Executive


Neil Thapar

Financial Communications Adviser

via Tancredi +44 203 434 2334



+44 7876 455323


Corporate Broker

Peter Krens

+44 203 167 7221

Tancredi Intelligent Communication

Media Relations

Salamander Davoudi



 Emma Valgimigli



+44 7957 549 906



+44 7727 180 873


 About Argo:

Argo Blockchain plc is a global data centre business that provides a purpose-built and flexible platform for mining of leading cryptocurrencies for the enterprise-scale and institutional sectors worldwide from operational centres in Canada. 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.



See Argo's largest facility in Quebec:



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.
Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

You are currently using an old browser which will not be supported by Trustnet after 31/07/2016. To ensure you benefit from all features on the site, please update your browser.   Close