Company: ARBK
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001104659-25-049311
Chunk: 88

Company: Argo Blockchain Plc
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4A
Chunk 88
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 of these factors could lead to material adverse changes in the market for cryptocurrencies, which could in turn result in substantial damage to or even the failure of our business.

A 10% increase or decrease in the market value of Bitcoin and other cryptocurrencies over the course of 2022 would have increased or decreased our revenue by 10% for the year. Bitcoin and other cryptocurrencies accounted for less than 2% of our total assets; as such, a 10% increase or decrease in Bitcoin’s or other cryptocurrencies’value as at December 31, 2023 and 2024 would not have had a material effect on our total assets as at that date. However, given we were selling Bitcoin and other cryptocurrencies to cover operating expenses during the year, increases or decreases in the market value of these cryptocurrencies would have resulted in increased or decreased holdings of these cryptocurrencies at the end of the year. See Item 5. A. “Factors Affecting our Results of Operations  -  Market Value of Bitcoin and other Cryptocurrency. ”

Cost of Power Risk

Mining cryptocurrency is a highly power-intensive process, with electrical power required both to operate the mining machines and to dissipate the significant amount of heat generated by operating the machines. In 2023 and 2024, the cost of power represented approximately 70% of our cryptocurrency mining revenue. See Item 5. A. “Factors Affecting our Results of Operations - Cost and Source of Power. ”

Item 12. Description of Securities Other than Equity Securities

  Debt Securities.  

To be provided as an exhibit.

  Warrants and Rights.  

Not applicable.

  Other Securities.  

Not applicable.

  American Depositary Shares  

ADS Overview

We have appointed JPMorgan Chase Bank, N. A. (“ JPMorgan”), as depositary. The depositary’s office is located at 383 Madison Avenue, Floor 11, New York, New York 10179. A copy of the form of the deposit agreement is on file with the SEC under cover of a registration statement on Form F-6. A copy of the deposit agreement is available from the SEC’s website (www. sec. gov). Please refer to registration number 333-259507 when retrieving such copy.

Table of Contents

Each ADS represents an ownership interest in a designated number of ordinary shares deposited with the custodian, as agent of the depositary, under the deposit agreement among ourselves, the depositary, and all ADR holders, and all beneficial owners of an