Argo Blockchain PLC Announces May Operational Update and Issuance of New Shares

Argo Blockchain plc has released an operational update for May 2024. The company mined 45 Bitcoin (BTC) or Bitcoin Equivalents, averaging 1.5 BTC per day. This marks a 55% decrease from April 2024, attributed to the Bitcoin halving.

Revenue from mining dropped to $2.9 million in May, down 56% from April's $6.6 million. Despite this, Argo achieved mining margins of approximately 30% due to lower power costs and improved fleet efficiency. As of May 31, the company held 11 BTC equivalent.

The company also issued 626,883 new ordinary shares under its 2022 Equity Incentive Plan. These shares will be admitted for trading on the London Stock Exchange, bringing the total share capital to 578,397,673 ordinary shares with equal voting rights.