Company: ARBK
Filing Date: 2025-04-22
Form Type: 20-F/A
Source: 0001104659-25-037403
Chunk: 10

Company: Argo Blockchain Plc
Filing Date: 2025-04-22
Form: 20-F/A
Chunk 10
---
loss) after taxation                                     |   |           -34,637 | ​ |          -228,961 | ​ |            39,074 | ​ |
| Other comprehensive income –currency translation reserve         | ​ |            -1,175 | ​ |           -20,639 | ​ |            -8,834 | ​ |
| Other comprehensive income – equity accounted OCI from associate | ​ |                 — | ​ |            -8,744 | ​ |             8,744 | ​ |
| Other comprehensive income – fair value reserve                  | ​ |                 — | ​ |              -551 | ​ |             2,419 | ​ |
| Total comprehensive income (loss)                                |   |           -35,813 | ​ |          -258,895 | ​ |            41,403 | ​ |

Comparison of the years ended December 31, 2023 and 2022 (in ‘ 000 ’ s) Total revenue Total revenue decreased by $8,026 to $50,558 for the year ended December 31, 2023 from $58,583 for the year ended December 31, 2022. This decrease was primarily driven by the increase in the global network hashrate and the associated 71% increase in average network difficulty in 2023 compared to 2022, which resulted in a 40% decrease in hashprice. In 2023 we mined 1,760 bitcoin and realized $28,723 per bitcoin as compared to 2,156 and $27,117 in 2022, respectively. Power and hosting costs Power and hosting costs increased by $9,205 to $35,964 for the year ended December 31, 2023 from $26,759 for the year ended December 31, 2022. This increase was primarily driven by higher power and hosting costs in Texas due to a full year ’s production at in 2023 compared to a partial year of production in 2022.

10

Power credits

The hosting agreement with Galaxy allows Argo to share in the proceeds from economic curtailment, which occurs when Helios monetizes its fixed-price PPA during periods of high power prices. During the year, Argo generated approximately $7.2 million in power credits, with $3.8 million generated in the month of August during a state-wide heat wave. Not only does the ability to curtail operations benefit Argo economically, but it