Argo Blockchain (ARBK) Issues September Operational Update

Argo Blockchain plc (NASDAQ: ARBK) is pleased to provide the following operational update for September 2023.

During the month of September, the Company mined 136 Bitcoin or Bitcoin Equivalents (together, "BTC"), or 4.5 BTC per day, and accrued significant power credits from economic curtailment. The power credits reduce the Company's electricity costs, improve its mining margin, and increase its cash flow. The 34% increase in BTC mined compared to August 2023 (3.4 BTC per day) is primarily due to fewer hours of curtailment at Helios in September. This increase in Bitcoin production was partially offset by a 4% increase in average network difficulty in September 2023 relative to August 2023.

Mining revenue in September 2023 amounted to $3.59 million, an increase of 23% compared to the prior month (August 2023: $2.93 million).

As of 30 September 2023, the Company held 32 BTC. The drop in BTC from 49 at the end of August 2023 is primarily due the periodic revaluation of the Company's non-Bitcoin digital asset holdings.

During the month of September, the Company completed the deployment of its BlockMiner machines. The BlockMiner fleet represents approximately 0.3 EH/s of hashrate capacity deployed at the Company's Quebec facilities, and the Company's total hashrate capacity is now approximately 2.8 EH/s.

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