Company: ARBK
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001104659-25-049311
Chunk: 103

Company: Argo Blockchain Plc
Filing Date: 2025-05-15
Form: 20-F
Item: Item 5
Chunk 103
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 as utilizing market prices over locked - in power agreements.
Power credits
The hosting agreement with Galaxy allowed Argo to share in the proceeds from economic curtailment, which occurred when Helios monetized its fixed - price PPA during periods of high - power prices. During the year, Argo generated approximately $1.5 million in power credits.

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Depreciation of mining equipment
Depreciation of mining equipment decreased by $4,485 to $14,171 for the year ended December 31, 2024 from $18,656 for the year ended December 31, 2023. This decrease was primarily driven by the lower book value of our machines in 2024 after accounting for impairments in 2023.
Operating expenses
Operating expenses decreased by $6,413 to $12,536 for the year ended December 31, 2024 from $18,949 for the year ended December 31, 2023. Note 8 of our consolidated financial statements details our operating expenses for 2024 and 2023. The decrease over 2024 was primarily driven by a focus on reducing non - mining operating expenses and the sale of the Mirabel facility in March 2024, which decreased the Company’s headcount.
Impairment of tangible fixed assets
During 2024, we recorded a $31,498 impairment charge as a result of difficult mining economics subsequent to the Bitcoin halving in April 2024. In addition, our hosting contract with Galaxy ended at the end of 2024 requiring refurbishment costs to re - host or sell the remaining mining machines.
Share based payments
Share based payments were $3,759 for the year ended December 31, 2024, consistent with $3,892 for the year ended December 31, 2023.
Interest expense
Interest expense decreased by $4,746 to $6,810 for the year ended December 31, 2024 from $11,556 for the year ended December 31, 2023. This decrease was primarily driven by the significant reduction of debt that occurred in 2023 and 2024.
Comparison of the years ended December 31, 2023 and 2022 (in ‘000’s)
Total revenue
Total revenue decreased by $8,025 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