Argo Blockchain Sells Quebec Data Center for $6.1M

TL;DR

Argo Blockchain sold a Quebec data center for $6.1M and updated Feb ops - hash rate steady, energy use down slightly.

AI Summary

Argo Blockchain plc announced the sale of its Mirabel, Quebec data center for $6.1 million on March 5, 2024. The company also provided an operational update for February 2024, reporting a total hash rate of 2.7 EH/s and energy consumption of 274 GWh.

Why It Matters

The sale of the Mirabel data center provides Argo Blockchain with immediate capital, while the operational update offers insight into their ongoing mining performance and energy usage.

Risk Assessment

Risk Level: medium — The company's financial health and operational efficiency are subject to the volatile cryptocurrency market and energy costs.

Key Numbers

• $6.1M — Data Center Sale Price (Proceeds from Mirabel facility sale.)
• 2.7 EH/s — February Hash Rate (Argo's total computing power for Bitcoin mining.)
• 274 GWh — February Energy Consumption (Total electricity used for mining operations.)

Key Players & Entities

• Argo Blockchain plc (company) — Registrant
• Mirabel, Quebec (location) — Data Center Location
• $6.1 million (dollar_amount) — Sale Price of Data Center
• February 2024 (date) — Operational Update Period
• 2.7 EH/s (metric) — Total Hash Rate
• 274 GWh (metric) — Energy Consumption

FAQ

Key Financial Figures

• $6.1 Million — bel, Quebec   Data Center for $6.1 Million   February Operational Update
• $6.1 million — l Facility") for total consideration of $6.1 million (the "Transaction"). All references to
• $1.2 million — atts of electrical capacity, implying a $1.2 million per megawatt sales price for the Transa
• $5.4 — nce sheet, reducing outstanding debt by $5.4 million. The Galaxy debt bala
• $14.0 m — ction and subsequent debt repayment, is $14.0 million, a 60% reduction from the origina
• $35.0 million — rom the original Galaxy debt balance of $35.0 million.   Pro Forma Unaudited Debt Ba
• $40.0 — orma 2/29/2024 Senior Notes 8.75% $40.0 $40.0 $40.0 - $40.0 Galaxy De
• $70.3 — 1.4 1.2 - 1.2 Total   $70.3 $66.4 $60.6 $(5.4) $55.2 &#xA
• $66.4 — .2 - 1.2 Total   $70.3 $66.4 $60.6 $(5.4) $55.2   Imp
• $60.6 — 1.2 Total   $70.3 $66.4 $60.6 $(5.4) $55.2   Importantly
• $55.2 — xA0; $70.3 $66.4 $60.6 $(5.4) $55.2   Importantly, the Transaction
• $0.7 million — pany's non-mining operating expenses by $0.7 million annually.   The Transaction is
• $4.5 m — ng revenue in February 2024 amounted to $4.5 million, a decrease of 15% compared to th
• $5.3 million — pared to the prior month (January 2024: $5.3 million).   As of 29 February 2024, th

Filing Documents

• a5504f.htm (6-K) — 51KB
• 0001654954-24-002584.txt ( ) — 52KB

forward-looking statements which reflect the Company's current

forward-looking statements which reflect the Company's current 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. "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 because they relate to events that may or may not occur in the future, including the risk that the Company may receive the benefits contemplated by its transactions with Galaxy, the Company may be unable to secure sufficient additional financing to meet its operating needs, and the Company may not generate sufficient working capital to fund its operations for the next twelve months as contemplated. Forward-looking statements are not guarantees of future performance. 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 prospects and performance are consistent with the forward-looking indicative of results in subsequent periods. These forward-looking to any obligations under the Prospectus Regulation Rules, the Market Abuse Regulation, the Listing Rules and the Disclosure and Transparency Rules and except as required by the 

SIGNATURES

SIGNATURES   Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.   Date: 05 March, 2024 ARGO BLOCKCHAIN PLC By: /s/ Jim MacCallum Name: Jim MacCallum Title: Chief Financial Officer              

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View this 6-K filing on SEC EDGAR