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

Company: Argo Blockchain Plc
Filing Date: 2025-05-09
Form: 6-K
Chunk 6
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 in March 2021. Mr. Nolan graduated from Johns Hopkins University in 2004.

### STRATEGIC REPORT
The directors present their strategic report on the Group for the year ended 31 December 2024.

Principal activity

The Group’s principal activity is that of cryptocurrency mining.

Review of the business and future developments

Argo Blockchain plc (the “Company”) was incorporated on 5 December 2017. Argo Blockchain plc is the parent holding company of the Argo group of companies including Argo Innovation Labs Inc., a British Columbia, Canada Corporation, and Argo Operating US LLC, a Delaware, United States Limited Liability Corporation (collectively “Argo” or “the Group”).

On 3 August 2018 the Company’s Ordinary Shares were admitted to the standard segment of the Official List maintained by the Financial Conduct Authority and to trading on the London Stock Exchange’s Main Market. The Company’s American Depositary Shares (ADSs) have traded on the Nasdaq Stock Market (“Nasdaq”) since 24 September 2021.

The Chairman’s statement provides an in-depth review of 2024, so this strategic report is instead looking forward to the plans and intentions of the Group.

Group strategy and business model

We are targeting a balance between owning and operating our own mining facilities and utilizing third party facilities with access to reliable, low-cost and renewable energy. Throughout the Company’s history, we have invested in purchasing, building and operating mining facilities. We will continue to explore the acquisition and development of future mining facilities that provide opportunities to utilize wasted or stranded energy. This could include using mobile and/or modular mining infrastructure. We will continue to evaluate opportunities from hosting providers that offer reliable, low-cost, and clean power in order to balance the gap between our available capacity and the power needed to run our mining operations.

We believe the combination of increased mining difficulty, driven by greater network hashrate, and the periodic adjustment of reward rates, such as the recent halving of Bitcoin rewards, will increase the importance of power efficiency in cryptocurrency mining over the long term. As a result, we are focused on deploying our mining machines at locations with access to reliable clean power sources, as successfully doing so should enable us to reduce our power costs. As our fleet ages and becomes less efficient, we will need to raise capital to revitalize our fleet.

Performance of the business during the period and the position at the end of the year

The financial results for 2024 reflect the Bitcoin halving in April 202