Company: ARBK
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001104659-25-049311
Chunk: 32

Company: Argo Blockchain Plc
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4A
Chunk 32
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 28,726      27,172  
  Average Direct Cost per Bitcoin Mined (excludes depreciation of mining machines)                         41,594      16,364      12,411  
  Average Mining Profit per Bitcoin Mined (excludes depreciation of mining machines)                       20,709      12,362      14,705  
  Average Total Cost per Bitcoin Mined                                                                     60,372      26,964      21,905  
  Average Gross Profit Per Bitcoin Mined                                                                    1,931       1,762       5,267  
  Maximum Bitcoin price during the period ($) (1)                                                         106,074      44,202      47,816  
  Minimum Bitcoin price during the period ($) (1)                                                          39,505      16,616      15,742  
  Time-weighted average Bitcoin price during the period ($) (2)                                            42,382      28,864      28,215  
  Data miners deployed at the end of the period (3)                                                        26,542      33,750      31,000  

Notes

  (1)      Source – Closing price of Bitcoin as reported on CoinGecko.com  

Table of Contents

  (2)      Calculated by taking the yearly average of the daily closing price of Bitcoin as reported on CoinGecko.com  

  (3)      Includes all miners contained at our self-mined sites of Baie Comeau and Mirabel and miners that are hosted at the Helios site.  

Components of Our Results of Operations

Total revenue

Our revenues primarily consist of cryptocurrency that we mine. In 2022, 2023 and 2024, we principally focused on mining Bitcoin. We participate in mining pools, with the pool’s performance obligation being the delivery of cryptocurrency into our wallet once an algorithm has been solved by the pool. Our mining revenue consists of our share of the block reward the pool earns for solving the block, and our share of transaction fees associated with the transactions comprising the block. Our share of the block reward and related transaction fees is determined by the proportion of hash power we contribute toward the pool as a whole. The block reward is pre-determined and hard coded into the protocol governing the relevant blockchain, while the transaction fees are the aggregate fees paid by parties whose transactions are included in the block.

Power and hosting costs

Direct costs of mining revenue are comprised of power costs and the fees we pay to third parties