Argo Blockchain Excels in Bitcoin Production, Announces COO Exit

The UK’s
cryptocurrency miner Argo Blockchain (LSE: ARGO) reported its highest Bitcoin (BTC) mining
output since May. Additionally, the company announced the departure of Chief
Operating Officer (COO) Seif El-Bakly “to pursue other
opportunities.” In a separate statement, the firm reported the
issuance of new ordinary shares with a total value of £7.8 million.

The company
announced a significant boost in its Bitcoin production for December 2023,
reporting mining 155 Bitcoin and averaging 5 BTC daily, marking an increase of 4% from the previous month. This growth in Bitcoin production is attributed to
several factors, including heightened transaction fees on the Bitcoin network
and improved operational efficiency. Argo’s mining revenue for December reached
$6.6 million, a substantial increase of 25% from November 2023 and the highest in
the year.

The year’s
trajectory showed a varying pattern in Bitcoin mining, with the highest
production in January (168 Bitcoin) and a notable decline in August (105
Bitcoin). However, the company demonstrated resilience with a steady increase
towards the end of the year, culminating in December’s peak. The revenue
figures followed a similar trend, indicating the company’s ability to adapt to
the dynamic nature of cryptocurrency mining.

Month	Bitcoin Mined	Unaudited Mining Revenue, ($ in millions)
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

“During the
fourth quarter, our daily production was 4.8 Bitcoin per day, which was a 20%
increase from the prior quarter,” commented Thomas Chippas, the CEO of Argo appointed in November. “This
is despite a 19% increase in monthly average network difficulty in the fourth
quarter compared to the prior quarter.”

In the latest financial report, the publicly-listed cryptocurrency mining company has detailed a period of mixed financial results. The Q3 2023 brought a financial net loss of $9.9 million.

COO Steps Down

In a
significant shift within the company’s management, Seif El-Bakly stepped down
from his role as the COO effective from 5 January 2024. El-Bakly, who served as the
Interim CEO from February to November 2023, has been thanked for his
contributions and leadership.

The
operations team, under the guidance of the Chief Strategy Officer, Sebastien Chalus, since February 2023, will continue without disruption. In line with El-Bakly’s
departure, Argo Blockchain issued 1,973,892 new ordinary shares as part of his
separation agreement.

Funding Round to Support
Growth

In a separate
move, Argo Blockchain secured £7.8 million ($9.9 million) through a new share
issuance to institutional investors. The placement of 38,064,000 new ordinary
shares, priced at £0.205 each, represents a modest discount compared to the
30-day average trading price. This influx of capital is earmarked for working
capital, debt repayment, and general corporate purposes, positioning Argo
Blockchain for sustained operational stability and growth.

Month	Bitcoin Mined	Unaudited Mining Revenue, ($ in millions)
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

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In the latest financial report, the publicly-listed cryptocurrency mining company has detailed a period of mixed financial results. The Q3 2023 brought a financial net loss of $9.9 million.

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