Company: ARBK
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001104659-25-049311
Chunk: 98

Company: Argo Blockchain Plc
Filing Date: 2025-05-15
Form: 20-F
Item: Item 5
Chunk 98
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, 2024, 2023, and 2022, along with the most comparable IFRS measures:

                  ​                     ​    ​      ​     ​     ​       ​     ​      ​       ​     ​
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​                                       ​   YEAR ENDED DECEMBER 31,                                 
​                                       2024                           2023                 2022    
Bitcoin Mined                               ​       755        ​      1,760        ​       2,156   ​
Gross Margin                                ​         3    %   ​          8    %   ​          19   %
Mining Profit Margin                        ​        33    %   ​         43    %   ​          54   %
Average Total Cost Per Bitcoin Mined        $60,372            $26,964         ​   $21,905         ​
Average Direct Cost Per Bitcoin Mined       $41,594            $16,364         ​   $12,411         ​
Net Loss ($000s)                        ​   $(55,102)      ​   $(34,637)       ​   $(228,961)      ​
Adjusted EBITDA ($000s)                 ​   $5,684         ​   $7,682          ​   $7,237          ​
​
Mining Profit Margin, Average Total Cost per Bitcoin Mined, Average Direct Cost Per Bitcoin Mined, EBITDA, and Adjusted EBITDA are not measures defined by IFRS. Average Total Cost Per Bitcoin Mined equals direct costs divided by total bitcoin mined. The other key measures are defined below.
These measures should not be considered as an alternative to IFRS measures, and they are not necessarily comparable to similarly titled measures used by other companies. As a result, you should not consider these measures in isolation from, or as a substitute analysis for, our gross margin or net income/(loss), as applicable, as determined in accordance with IFRS.
Bitcoin Mined
We measure the production of our mining activities in a given period as Bitcoin Mined. In 2023 and 2023, Bitcoin Mined included rewards and transaction fees for mining Bitcoin and other cryptocurrencies. We generally exchange forms of cryptocurrency other than Bitcoin into Bitcoin in the period in which such currency is earned. In 2024, we only mined Bitcoin. We believe that the number of Bitcoin that we mine is a useful metric for investors to measure our mining activity.

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Mining Profit Margin
We