Argo Blockchain plc: December 2024 Operational Update
Business context and reporting period
Argo Blockchain plc, a dual-listed cryptocurrency mining company, filed a Form 6-K in January 2025 containing an operational update dated 7 January 2025 for December 2024. The company operates mining facilities and offices across North America and the United Kingdom, with operations predominantly powered by renewable energy.
Key financial and operating metrics
- Bitcoin mined: 39 BTC during December 2024, or approximately 1.3 BTC per day.
- Mining revenue: $3.9 million in December 2024.
- Bitcoin holdings: Two BTC equivalent as of 31 December 2024.
- Profitability, cash flow, margins, debt and liquidity: The filing text does not provide clear values.
Material changes versus the prior comparable period
Bitcoin production was consistent with November 2024 at 1.3 BTC per day. December mining revenue increased from $3.4 million in November to $3.9 million, attributed to higher realized Bitcoin prices and hashprice.
The hosting agreement with Galaxy ended on 28 December 2024. The 23,619 S19J Pro mining machines at the Galaxy site are to be refurbished for deployment at an air-cooled facility.
Guidance, outlook, risks and unusual items
Argo is evaluating alternative sites to rehost the affected machines. The filing does not provide financial guidance, production targets beyond December, or a timeline for redeployment. The hosting transition and potential delay in returning the machines to operation are the principal operational contingencies identified in the update. The company stated that the announcement contains inside information.
Investor verification points
- Verify the composition and availability of the reported two BTC equivalent holdings.
- Monitor the timing, cost and completion of refurbishment for the 23,619 S19J Pro machines.
- Confirm the replacement hosting site, expected capacity and any impact on future Bitcoin production.
- Assess the sustainability of December revenue in light of Bitcoin prices, network hashprice and mining difficulty.
- Review subsequent filings for profitability, cash flow, debt, liquidity and financing requirements, which are not disclosed in this update.