Argo Blockchain Plc - ARBKF stock
OTC Symbol: ARBKF | OTC Tier: Pink Current
Introduction[edit]
Argo Blockchain PLC (OTC: ARBKF, LSX: ARB) is a United Kingdom based holding company which principally engages in cryptocurrencies mining business worldwide. It mines using purpose-built computers (or mining machines) to solve cryptographic algorithms in the blockchain in exchange for rewards in the native token of that blockchain network. The Company's mining locations includes multiple sites in Quebec, Canada.[1]
The Company was incorporated in 2017 and is headquartered in London, UK and its shares are listed on the main market of the London Stock Exchange and US OTC market. The company was formerly known as GoSun Blockchain Limited and changed its name to Argo Blockchain plc in December 2017.[1]
Company Operations[edit]
The company includes offices in the US, Canada, and the UK, as well as its flagship mining site in Texas. Among the completely owned subsidiaries of the Company is Argo Innovation Labs Inc., Argo Innovation Facilities (US) Inc., 9377-2556 Quebec Inc. and 9366-5230 Quebec Inc. The Company’s facilities include Helios, Baie Comeau and Mirabel.[2]
Helios[edit]
Argo Blockchain has made significant investments in its mining infrastructure, particularly with the Helios facility in Texas, a126,000 square foot data center. By constructing its own mining facility and utilizing immersion-cooling technology, Argo Blockchain is taking steps to improve the efficiency and sustainability of its mining operations. Immersion-cooling technology is a cooling system that submerges mining hardware in a non-conductive liquid, which is more efficient than traditional air cooling methods. This can reduce energy consumption and increase mining efficiency, which can ultimately lead to lower operating costs and a smaller environmental footprint. By operating in Texas, Argo Blockchain may also be able to take advantage of the state's abundant renewable energy sources, particularly wind and solar power. Texas is one of the leading states in the US for renewable energy production, and Argo Blockchain has already partnered with wind power providers to supply clean energy to its mining facilities. Using renewable energy sources can help reduce the environmental impact of cryptocurrency mining and support the transition to a more sustainable energy system.[3]
Mirabel[edit]
Mirabel was Argo’s initial large-scale mining facility with area of 20,000 square feet and continues to be a productive facility with ongoing operations, including cleaning and repair, as well as housing servers for proof-of-stake mining and blockchain infrastructure.[3]
Baie Comeau[edit]
The location at Baie Comeau is more than 40,000 square feet large and uses about 15 MW. The Baie Comeau hydroelectric dam generates 100% renewable power. Argo purchased the Baie Comeau facility from GPUOne in 2021 as part of their drive to wholly-owned data center business model.[3]
Management Team[edit]
Management team:[4]
Peter Wall, CEO: Peter Wall was a member of the founding management team for Argo and has been in charge of day-to-day operations ever since the company launched. Peter’s varied career includes work as a technology entrepreneur, journalist, and filmmaker.
Seif El-Bakly, COO: Seif El-Bakly is Argo’s Chief Operating Officer. He has more than 16 years of expertise in the trade and capital markets industries. Seif started a fintech company and worked for TMX Group before joining Argo. While there, he was in charge of the strategy and business management for the entire Markets Business.
Justin Nolan, Chief Growth Officer: The construction of Argo's mining plant in Dickens County, Texas, is being led by Justin. He founded and served as CEO of the Helios project before joining Argo, which it acquired in 2021. Prior to starting BuildingBlok, an online construction management firm, Justin held the position of Senior Development Manager at the Howard Hughes Corporation.
Environmental, Social, and Governance (ESG)[edit]
In terms of environmental impact, Argo Blockchain has taken steps to reduce its carbon footprint by using renewable energy sources. The company has partnered with wind power providers to supply clean energy to its mining facilities, and it has also implemented a carbon offset program to offset any remaining emissions. Argo Blockchain has also committed to disclosing its energy consumption and carbon footprint through the Crypto Climate Accord, a global initiative aimed at making the cryptocurrency industry more sustainable.[5]
In terms of social impact, Argo Blockchain has implemented policies and programs to promote diversity and inclusion within the company. The company has a Diversity, Equity and Inclusion Committee that works to ensure that all employees are treated fairly and have equal opportunities for advancement. Argo Blockchain has also implemented a program to encourage employee volunteerism and charitable giving.[6]
In terms of governance, Argo Blockchain has established a strong board of directors with a majority of independent directors. The company has also implemented policies and procedures to ensure compliance with applicable laws and regulations, as well as to promote ethical behavior and accountability.[6]
As per the first annual sustainability report released by the company for year 2021, Argo remained climate positive in the year, all the while improving mining efficiency by 34%. Argo saw a 59% decrease in emissions per dollar revenue and an 89% decrease in emissions per staff member from 2020 to 2021.[7]
Legal Issues[edit]
A class action lawsuit was filed in 2023, with several law firms actively seeking Argo investors to join the suit. The lawsuit alleges that Argo Blockchain made materially false and/or misleading statements to investors about its business operations and prospects, as well as its financial condition. The deadline to participate in the class action is May 3, 2021. Investors who purchased Argo Blockchain securities between March 12, 2018 and February 25, 2021 may be eligible to participate in the lawsuit.[8]
Financial Performance[edit]
Financial performance for Argo Blockchain[9]
| Year Ending | Total Revenue | Net Income | Cash Balance |
|---|---|---|---|
| 12/31/2022 | |||
| 12/31/2021 | $100,507,000 | $41,670,000 | $11,185,000 |
| 12/31/2020 | $25,913,000 | $1,971,000 | $0 |
| 12/31/2019 | $11,415 | ($1,151,000) | $1,626,000 |
| 12/31/2018 | $973,000 | ($5,243,000) | $7,143,000 |
- ↑ 1.0 1.1 Yahoo Finance. ARBKF Quote. Retrieved on 11/25/2022.
- ↑ ArgoBlockchain.com. Our Facilities. Retrieved on 11/25/2022.
- ↑ 3.0 3.1 3.2 argoblockchain.com. Our Operations. Retrieved on 4/24/2023.
- ↑ ArgoBlockchain.com. Our Team. Retrieved on 11/25/2022.
- ↑ argoblockchain.com. Climate Strategy. Retrieved on 4/24/2023.
- ↑ 6.0 6.1 argoblockchain.com. Governance. Retrieved on 4/24/2023.
- ↑ Proactive Investors. Argo Blockchain remained climate positive in 2021, new report shows. Retrieved on 11/25/2022.
- ↑ businesswire. Final Deadline Alert: Bronstein, Gewirtz & Grossman, LLC Notifies Argo Blockchain plc (ARBK; ARBKL) Investors of Class Action and Last Few Hours to Actively Participate. March 27, 2023.
- ↑ OTC Markets. ARBKF Stock Financials. 4/24/2023.
