Argo Blockchain PLC April Operational Update

Grant of Equity Awards

LONDON, UNITED KINGDOM / ACCESSWIRE / May 3, 2024 / Argo Blockchain plc (LSE:ARB)(Nasdaq:ARBK), a global leader in cryptocurrency mining, is pleased to provide the following operational update for April 2024.

During the month of April, the Company mined 99 Bitcoin, or 3.3 Bitcoin per day (March 2024 - 103 Bitcoin). Daily Bitcoin production in April remained the same as the prior month despite the Bitcoin halving occurring on 19 April 2024. This is primarily due to a temporary but significant spike in transaction fees in the days immediately following the halving.

Mining revenue in April 2024 amounted to $6.6 million, a decrease of 6% compared to the prior month (March 2024: $7.0 million).

As of 30 April 2024, the Company held digital assets worth the equivalent of 12 Bitcoin.

Grant of Equity Awards

On 9 March 2024, the Company granted 7,372,184 Restricted Stock Units ("RSUs") to certain employees in accordance with the 2022 Equity Incentive Plan approved by shareholders at the Company's 2022 Annual General Meeting. The RSUs vest over a three-year period, with first vesting occurring six months from the date of grant (at which point 6/36ths vest) and, thereafter, the RSUs vest at a rate of 3/36th per quarter for the remainder of the vesting period subject to the continued employment of the grantee.

On 9 March 2024, the Company also granted 172,867 Performance Stock Units ("PSUs") to certain employees in accordance with the 2022 Equity Incentive Plan approved by shareholders at the Company's 2022 Annual General Meeting. The PSUs vest over a three-year period, with first vesting occurring six months from the date of grant (at which point 6/36ths vest) and, thereafter, the PSUs vest at a rate of 3/36th per quarter for the remainder of the vesting period subject to the continued employment of the grantee and satisfaction of the corresponding performance conditions.

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About Argo:

Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK) blockchain technology company focused on large-scale cryptocurrency mining. With mining operations in Quebec and Texas, and offices in the US, Canada, and the UK, Argo's global, sustainable operations are predominantly powered by renewable energy. In 2021, Argo became the first climate positive cryptocurrency mining company, and a signatory to the Crypto Climate Accord. For more information, visit www.argoblockchain.com.

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SOURCE: Argo Blockchain PLC