Argo xcritical Plc ARBK Reports March 2024 Operational Update

Following both the Private Placement Admission and the previously announced PSU Admission, the Company will have a total of 577,001,363 Ordinary Shares in issue. The above figure may be used by the Company’s shareholders as the denominator for the calculations by which they can determine whether they are required to notify their interest in, or a change of their interest in, the Company under the FCA Disclosure Guidance and Transparency Rules. Argo is continuing to engage in financing discussions, as announced on 31 October 2022, and will update investors in due course. Additionally, the Company repaid the $6.7 million that was previously outstanding under the BTC-backed loan with Galaxy Digital. This is consistent with the Company’s risk management strategy and reduces balance sheet exposure to downside BTC price risk. As previously announced, the Company sold 3,843 new-in-box Bitmain S19J Pro machines which represented the last batch of the original Bitmain order scheduled for installation in October 2022.

Google, at its Cloud Next 2024 conference in Las Vegas, announced a bunch of updates to be rolled out in 2024 – all with the help of its new and… This information is provided by RNS, the news service of the London Stock https://xcritical.online/ 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.

  1. The Company also wishes to respond to media reports falsely claiming that Hydro-Québec, the public utility for power in Quebec, has proposed to stop providing electricity to existing mining operations.
  2. In March 2024, the Company sold its Mirabel facility and relocated its mining machines from Mirabel to its facility in Baie Comeau, Quebec.
  3. The only way to invest in Argo xcritical is to purchase ordinary shares (traded on the London Stock Exchange) or the Company’s American Depositary Shares (ADSs) and unsecured notes (traded on the Nasdaq Stock Exchange).
  4. This measure should not be considered as an alternative to gross margin determined in accordance with IFRS, or other IFRS measures.
  5. 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.

Thomas Chippas, Argo’s CEO, expressed his satisfaction with the company’s performance despite the increase in average mining difficulty and the hurdle of relocating its mining equipment to Baie Comeau. According to the update, the company’s mining revenue jumped to $7 million in March, representing a remarkable 55% increase from the previous month’s xcriticalgs of $4.5 million. During the month of November, Argo mined 198 Bitcoin or Bitcoin Equivalents (together, BTC) compared to 204 BTC in October 2022.

Argo xcritical PLC Announces October Operational Update

The Company is endeavoring to complete such financing transactions to provide the Company with working capital sufficient for its present requirements. As of 31 March 2024, the Company held digital assets worth the equivalent of 26 Bitcoin. In March 2024, the Company sold its Mirabel facility and relocated its mining machines from Mirabel to its facility in Baie Comeau, Quebec. The relocated miners were deployed and actively hashing at Baie Comeau before the end of March, and the relocation had minimal impact on monthly Bitcoin production.

Mining Difficulty Skyrockets Amid Soaring Bitcoin Prices

IMPORTANT NOTICE TO INVESTORSArgo is aware of recent instances in which bad actors are using Argo’s name in various attempts to scam investors. Argo xcritical does not have any retail-oriented applications or mining programs, and Argo will never ask individuals to send money. The only way to invest in Argo xcritical is to purchase ordinary shares (traded on the London Stock Exchange) or the Company’s American Depositary Shares (ADSs) and unsecured notes (traded on the Nasdaq Stock Exchange). With only a few days to the next halving, miners expect a cut in their rewards from 6.25 BTC to 3.125 BTC.

This reduction in block rewards could translate to lower hash rates as some miners who can’t keep afloat due to reduced profits may be forced to pack up. Chiapas revealed that xcritical courses scam would continue streamlining its operations to ensure continued success and increased efficiency ahead of the upcoming Bitcoin halving. Beyond its Bitcoin production, Argo xcritical sold one of its facilities, Mirabel, and shifted its mining equipment to a different location in Baie Comeau, Quebec. This transition happened smoothly, with the relocated machines successfully deployed and starting to run at the new spot by the end of March. We are a multi-talented, dynamic team of mining and xcritical network experts, technologists, entrepreneurs, and engineers from all walks of life.

Crypto News

This announcement contains inside information and includes forward-looking statements which reflect the Company’s xcritical 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. 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.

Argo xcritical PLC Announces £7.8 million ($9.9 million) Placing

Argo continues to engage in financing discussions, as announced on 31 October 2022, to provide the Company with working capital sufficient for its present requirements. While Argo is exploring financing opportunities, there can be no assurance that any definitive agreements will be signed or that any transactions will be consummated. Should Argo be unsuccessful in completing any further financing, Argo would become cash flow negative in the near term and would need to curtail or cease operations.

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 be unable to secure sufficient additional financing to meet its operating needs. Statements which include the words “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. 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.

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