Press release
03 March 2021
Argo Blockchain PLC
('Argo' or 'the Company')
February Operational Update + CEO to be Paid in Bitcoin
Argo Blockchain, a global leader in cryptocurrency mining (LSE: ARB), is pleased to provide the following operational update for February.
During the month of February, Argo mined 129 Bitcoin or Bitcoin Equivalent (together, "BTC") compared to 93 BTC in January. This takes the total amount of BTC mined year-to-date to 222 BTC.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in February amounted to £4.34 million (January 2021: £2.48 million). Argo generated this income at an average monthly mining margin of approximately 81% for the month of February (January 2021: 71%).
At the end of February, the company held 599 BTC.
As announced on 26 February, the Company has installed an additional 4,500 Bitmain Antminer S19 and S19 pro miners that it agreed to lease from Celsius Network in November 2020 and which are now fully operational. This installment takes the Company's total mining capacity to 1075 Petahash (SHA-256) in addition to 280 Megasols of equihash mining capacity.
The Company is also pleased to announce that beginning from the 1st of March, Argo will pay the salary of its CEO, Peter Wall, in Bitcoin. In addition, any other Argo team members may choose to be paid in Bitcoin for part or all of their salaries. For those that opt in, Argo will automatically convert salaries from fiat to Bitcoin at the daily market rate using the Toronto-based Satstreet exchange using their "Bitcoin Savings" service.
Peter Wall, Chief Executive of Argo said: "I'm delighted that Argo has followed up with another record month in both mining revenue and profits. A mining margin of 81% is absolutely amazing, and we continue to add to our BTC HODL. I'm also pleased to be the first publicly traded company that we know of to have their CEO paid in Bitcoin."