a2864o
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 October, 2021
Commission File Number: 333-258926
_____________________
Argo Blockchain plc
(Translation
of registrant’s name into English)
_____________________
9th Floor
16
Great Queen Street
London
WC2B 5DG
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
Exhibit
No.
1
|
Description
September
Operational Update dated 7 October 2021
|
Press Release
07 October 2021
Argo Blockchain PLC
("Argo" or the "Company")
September Operational Update
Operational Update
Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:
ARB; NASDAQ: ARBK), is pleased to provide the following operational
update for September.
During the month of September, Argo mined 165 Bitcoin or Bitcoin
Equivalent (together, BTC) compared to 206 BTC in August. This
brings the total amount of BTC mined year-to-date to 1479
BTC.
Based on daily foreign exchange rates and cryptocurrency prices
during the month, mining revenue in September amounted to
£5.50 million ($7.59 million*) (August
2021: £6.83 million ($9.43 million*)). Argo generated
this income at a Bitcoin and Bitcoin Equivalent Mining Margin of
approximately 84% for the month of September (August 2021: 86%).
The Company has maintained consistent Bitcoin and Bitcoin
Equivalent Mining Margins despite increases in network difficulty
since July 2021.
At the end of September, the Company owned 1836 Bitcoin or BTC
equivalent.
Non-IFRS Measures
Bitcoin and Bitcoin Equivalent Mining Margin is a financial measure
not defined by IFRS. We believe Bitcoin and Bitcoin Equivalent
Mining Margin has limitations as an analytical tool. In particular,
Bitcoin and Bitcoin Equivalent Mining Margin excludes the
depreciation of mining equipment and so does not reflect the full
cost of our mining operations, and it also excludes the effects of
fluctuations in the value of digital currencies and realized losses
on the sale of digital assets, which affect our IFRS gross profit.
This measure should not be considered as an alternative to gross
margin determined in accordance with IFRS, or other IFRS measures.
This measure is not necessarily comparable to similarly titled
measures used by other companies. As a result, you should not
consider this measure in isolation from, or as a substitute
analysis for, our gross margin as determined in accordance with
IFRS.
The following table shows a reconciliation of Bitcoin and Bitcoin
Equivalent Mining Margin to gross margin, the most directly
comparable IFRS measure, for the months of August and September
2021.
|
Month
Ended 31 August 2021
|
Month
Ended 30 September 2021
|
|
£
|
$
|
£
|
$
|
Gross Profit
|
10,427,53
|
14,396,250
|
108,284
|
149,497
|
Gross Margin¹
|
145%
|
145%
|
2%
|
2%
|
Depreciation
of mining equipment
|
846,382
|
1,168,515
|
770,006
|
1,063,070
|
Charge
in fair value of digital currencies
|
(4,736,507)
|
(6,539,222)
|
4,130,925
|
5,703,155
|
Realised
profit on sale of digital currencies
|
(305,366)
|
(421,588)
|
(74,582)
|
(102,968)
|
Crypto-currency
management fees
|
(327,652)
|
(452,356)
|
(298,136)
|
(411,607)
|
|
|
|
|
|
Mining Profit
|
5,904,388
|
8,151,599
|
4,636,497
|
6,401,147
|
Bitcoin and Bitcoin Equivalent Mining Margin
|
86%
|
86%
|
84%
|
84%
|
(1) Due
to favourable changes in fair value of Bitcoin and Bitcoin
Equivalents in August and September 2021, gross profit exceeded
revenue in both periods.
*Dollar values translated from pound sterling into U.S. dollars at
the rate of £1.00 to $1.38, which was the noon buying rate of
the Federal Reserve Bank of New York on June 30, 2021.
This announcement contains inside information.
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
|
OTC Markets
|
|
Jonathan Dickson
jonathan@otcmarkets.com
|
+44 204 526 4581
+44 7731 815 896
|
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:
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.
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.
Date: 7
October, 2021
|
ARGO BLOCKCHAIN PLC
By:
Name:
Peter Wall
Title:
Chief Executive Officer
Name:
Davis Zaffe
Title:
General Counsel
|