Company: ARBK
Filing Date: 2025-05-09
Form Type: 6-K
Source: 0001654954-25-005344
Chunk: 7

Company: Argo Blockchain Plc
Filing Date: 2025-05-09
Form: 6-K
Chunk 7
---
4 which reduced our Bitcoin mining production from May through December as compared to 2023.

Key performance indicators

The Board monitors the activities and performance of the Group on a continuing basis. The main performance indicators applicable for the Group is mining revenue and mining profit.

| KPI                            |   2024 |   2023 | % Change |
| Mining revenue ($000s)         | 47,017 | 50,558 | -7%      |
| Mining profit1($000s)          | 15,628 | 21,757 | -28%     |
| Mining margin                  |    33% |    43% | -10%     |
| Bitcoin mined2(number)         |    755 |  1,760 | -57%     |
| Total hashrate capacity (EH/s) |    2.7 |    2.8 | -4%      |
| Average network difficulty (T) |   87.3 |   40.4 | 116%     |

1. Mining profit is defined as mining revenue minus direct costs (excluding depreciation and amortization of mining equipment).

2. The decrease in bitcoin mined is largely due to the halving which occurred in April 2024.

Non-IFRS Reconciliation

The following table shows a reconciliation of Bitcoin Mining Margin to gross margin, the most directly comparable IFRS measure, for the years ended December 31, 2024 and December 31, 2023.

|                                              | Year ended | Year ended |
|:---------------------------------------------|-----------:|-----------:|
| 31-Dec                                       |     31-Dec |            |
| 2024                                         |       2023 |            |
| $’000                                        |      $’000 |            |
| Gross profit                                 |      1,457 |      3,101 |
| Depreciation of mining equipment             |     14,171 |     18,656 |
| Mining profit                                |     15,628 |     21,757 |
| Bitcoin and Bitcoin Equivalent Mining Margin |        33% |        43% |

The following table shows a reconciliation of Adjusted EBITDA to net income/(loss), the most directly comparable IFRS measure, for the years ended December 31, 2024 and December 31, 2023.

|                                                   | Year ended | Year ended |
|:--------------------------------------------------|-----------:|-----------:|
|                                                   |