Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k)
07 Juni 2023 - 12:20PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 6-K
_____________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of June, 2023
Commission File Number: 001-40816
_____________________
Argo Blockchain plc
(Translation of registrant’s name into English)
_____________________
Eastcastle House
27/28 Eastcastle Street
London W1W 8DH
England
(Address of principal executive office)
_____________________
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒
Form
40-F ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): ☐
EXHIBIT INDEX
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Exhibit No.
1
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Description
May
Operational Update dated 07 June 2023
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Press Release
7 June 2023
Argo Blockchain plc
("Argo"
or "the Company")
May Operational Update
Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:
ARB; NASDAQ: ARBK), is pleased to provide the following operational
update for May 2023.
During the month of May, Argo mined 173 Bitcoin or Bitcoin
Equivalents (together, "BTC"), or 5.6 BTC per day. This is an
increase of 16% compared to the 4.8 BTC mined per day in April
2023. The increase in BTC production was driven by increased uptime
and operational efficiency across the Company's mining fleet, as
well as an increase in transaction fees on the Bitcoin
network.
Mining revenue in May amounted to $4.75 million, an increase of 14%
over the prior month (April 2023: $4.17
million).
As of 31 May 2023, the Company held 50 BTC, which is a decrease
from 83 BTC held at the end of April. During the month of May, the
Company sold certain digital assets and plans to use the proceeds
to pay down debt.
The Company's total hashrate capacity continues to be 2.5 EH/s. The
Company expects to add new BlockMiner machines at its Quebec
facilities later this year, which is expected to increase the
Company's total hashrate capacity by 12% to approximately 2.8
EH/s.
Seif El-Bakly, Argo's Interim CEO, said, "I'm pleased by the
significant increase in the Company's BTC production during the
month of May. This is a testament to the hard work of our mining
operations team to optimise performance across our fleet.
Over the long term, I believe increased Bitcoin network
activity has the potential to drive demand for blockspace and
increase miner fees."
Inside Information and Forward-Looking Statements
This announcement contains inside information and includes
forward-looking statements which reflect the Company's current
views, interpretations, beliefs or expectations with respect to the
Company's financial performance, business strategy and plans and
objectives of management for future operations. These statements
include forward-looking statements both with respect to the Company
and the sector and industry in which the Company operates.
Statements which include the words "remains confident", "expects",
"intends", "plans", "believes", "projects", "anticipates", "will",
"targets", "aims", "may", "would", "could", "continue", "estimate",
"future", "opportunity", "potential" or, in each case, their
negatives, and similar statements of a future or forward-looking
nature identify forward-looking statements. All forward-looking
statements address matters that involve risks and uncertainties
because they relate to events that may or may not occur in the
future, including the risk that the Company may receive the
benefits contemplated by its transactions with Galaxy, the Company
may be unable to secure sufficient additional financing to meet its
operating needs, and the Company may not generate sufficient
working capital to fund its operations for the next twelve months
as contemplated. Forward-looking statements are not guarantees of
future performance. Accordingly, there are or will be important
factors that could cause the Company's actual results, prospects
and performance to differ materially from those indicated in these
statements. In addition, even if the Company's actual results,
prospects and performance are consistent with the forward-looking
statements contained in this document, those results may not be
indicative of results in subsequent periods. These forward-looking
statements speak only as of the date of this announcement. Subject
to any obligations under the Prospectus Regulation Rules, the
Market Abuse Regulation, the Listing Rules and the Disclosure and
Transparency Rules and except as required by the FCA, the London
Stock Exchange, the City Code or applicable law and regulations,
the Company undertakes no obligation publicly to update or review
any forward-looking statement, whether as a result of new
information, future developments or otherwise. 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 United States
Securities and Exchange Commission and the United Kingdom Financial
Conduct Authority, including the section entitled "Risk Factors" in
the Company's Annual Report on Form 20-F.
For further information please contact:
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Argo Blockchain
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Investor Relations
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ir@argoblockchain.com
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finnCap Ltd
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Corporate
Finance
Jonny Franklin-Adams
Seamus Fricker
Joint
Corporate Broker
Sunila de Silva
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+44 207 220 0500
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Tennyson Securities
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Joint
Corporate Broker
Peter Krens
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+44 207 186 9030
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Tancredi Intelligent Communication
UK
& Europe Media Relations
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Salamander Davoudi
Emma Valgimigli
Fabio Galloni-Roversi Monaco
Nasser Al-Sayed
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argoblock@tancredigroup.com
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About Argo:
Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK)
blockchain technology company focused on large-scale cryptocurrency
mining. With mining facilities in Quebec, mining operations in
Texas, and offices in the US, Canada, and the UK, Argo's global,
sustainable operations are predominantly powered by renewable
energy. In 2021, Argo became the first climate positive
cryptocurrency mining company, and a signatory to the Crypto
Climate Accord. For more information, visit www.argoblockchain.com.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
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Date:
06 June,2023
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ARGO BLOCKCHAIN PLC
By:
Name:
Jim MacCallum
Title:
Chief Financial Officer
Name:
David Zapffe
Title:
General Counsel
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