The Board monitors regularly the values of the cryptocurrencies and any market forecasts. During the period, the Group entered into crypto currency transactions, which were assessed for fair value in line with the requirements of IAS 2, Inventories. Revaluations were made with such regularity that as at the end of the reporting period the carrying amount of the asset does not differ materially from its fair value. All revaluations were made with what is a bitcoin wallet reference to level 1 information, being crypto currencies actively traded on the open market. As at 31 December 2020 the Group held £4,637,438 of crypto currency (see note Error! Reference source not found.). The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
- When the software is available for its intended use, amortisation is charged on a straight-line basis over the estimated useful life of 5 years.
- As the company prepares to pour concrete for its 125,000 square foot facility, it’s aiming to answer those questions the community has through an information program Monday evening at the Palace Theater in Spur.
- Information, opinions and estimates contained on this page or in the Company Presentation reflect judgments by the Company as of the original date of publication by the Company and are subject to change without notice.
- Argo Blockchain is a publicly-traded blockchain technology company focused on large-scale cryptocurrency mining.
Throughout the year, the Argo team and commercial partners have worked hard and with dedication, and as a result the Group is well-positioned to deliver further growth. It is noteworthy that Peter Wall has elected to take his salary in Bitcoin as a mark of confidence in Argo’s prospects. On behalf of the Board, I would like to thank all shareholders for their support and take this opportunity to welcome those from North America who have become Argo investors following our hugely successful commencement of trading on the OTC market in early 2021. More Bitcoin than they mined in May—a huge change from the first four months of the year, when miners sold just 30% of their earnings.
London Stock Exchange welcomes Argo Blockchain plc to the main market
Information, opinions and estimates contained on this page or in the Company Presentation reflect judgments by the Company as of the original date of publication by the Company and are subject to change without notice. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied is made regarding future performance. Information and opinions presented in the Company Presentation are provided by the Company, and b2i digital makes no representation as to their accuracy or completeness. The information contained on this page is not intended to constitute any form of advice, and the information provided is not intended to provide a sufficient basis on which to make an investment decision.
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It has an outstanding balance of $22 million on the Bitcoin-backed Galaxy Digital loan. After selling $15.6 million in Bitcoin, Argo is the second crypto miner this week to announce it sold more coin than it mined last kraken vs coinbase vs binance month. We’d like to share more about how we work and what drives our day-to-day business. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams.
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Fortunately ARBK has strong liquidity (see item #1) and access to capital (see item #4). ARBK would survive a period of even tighter mining margins based on their hedging, current liquidity and ability to sell equity and / or other assets. Focused on cryptocurrency mining, the Argo blockchain firm is a public company listed on Nasdaq and the London Stock Exchange. Argo is one of many crypto mining companies that opted to sell self-mined Bitcoinamid the bear market of 2022, including firms like Bitfarms, Core Scientific and Riot Blockchain. In the latest operational update, Argo mentioned that the company significantly increased its mining volumes in July.
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The Company rents office space from Dukemount Capital plc, for which Timothy Le Druillenec was a Director during the period up until 1 February 2020. During the period, payments of £275 were made whilst Timothy Le Druillenec was a Director of Dukemount Capital plc. The directors consider that the carrying value of trade and other payables is approximately equal to their fair value.
Low electrical costs
Cumulative effects of translation of opening balances on non-monetary assets between subsidiary functional currency and Group functional and presentational currency . On 23 November 2020 the High Court of England and Wales confirmed the reduction to the Company’s equity through cancellation of the share premium account. The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value. All property, plant and equipment is owned by the subsidiary, Argo Innovation Labs Inc. The right of use assets were contracted but not in use prior to 31 December 2020.
At each reporting end date, monetary assets and liabilities that are determined in foreign currencies are retranslated at the rates prevailing on the reporting end date – Gains and losses arising on translation are included in the income statement for the period. At each reporting end date, non-monetary assets and liabilities that are determined in foreign currencies are retranslated at the rates prevailing on the opening balance sheet date. Gains and losses arising on translation of subsidiary undertakings are included in other comprehensive income and contained within the 5 reasons to automate invoice processing Foreign currency translation reserve. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the group and parent company financial statements in accordance with international accounting standards in conformity with the Companies Act 2006. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company and of the profit and loss of the group and company for that period.
Argo Blockchain Financials Summary
From April 2018 to September 2020, Mr. Appleton carried out various short term assignments through his consultancy company Appleton Business Advisors Limited. From November 2019 until March 2020, Mr. Appleton served as the Finance Director for Lucky King, an online crypto currency casino, and from June 2018 to November 2019 he served as the Interim Financial Director at Portland PR Limited, a political consultancy and public relations firm. From August 2012 to April 2018, Mr. Appleton was on the board of directors of Hudson Sandler Limited, a strategic communications consulting firm. Argo is currentlybuilding out a mining facility in Texas, U.S.with a power capacity of 200 megawatts . The company, which currently boasts a market capitalization of £537 million (around $745 million), has been exploring the possibility of a U.S. listing since July.
ARBK is a member of the UNFCCC Climate Neutral Now Initiative and claims to be the first climate-positive crypto miner. This is an important consideration for all investors given the recent regulatory focus on reducing the climate impact of Bitcoin mining. As of Q2 2022, ARBK had total assets of $304 million as compared to total liabilities of just $139 million.
Argo Blockchain Swung to 1H Pretax Loss as Value of Digital-Currencies Fell
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. The Group is dependent on the state of the cryptocurrency market and general sentiment of crypto assets as a whole. During the year the Group managed the company’s cryptocurrency through a carefully structured active management strategy for all Group held crypto assets. It is designed to protect the Company in the event that crypto prices decrease, but would also have the potential to provide an upside in a rising crypto asset market.
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- Financial statements are published on the group and company’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions.
- Management has grown the company with a focus on low costs, technical leadership and a strong balance sheet.
- I have no business relationship with any company whose stock is mentioned in this article.