Argo Blockchain PLC, a global leader in cryptocurrency mining, has released its operational update for December 2023. The company mined 155 Bitcoin, representing a 4% increase in daily Bitcoin production compared to the prior month. December's mining revenue amounted to $6.6 million, marking a 25% increase from the previous month and the highest revenue month of 2023. The company also held 9 Bitcoin on its balance sheet and other digital assets worth the equivalent of 18 Bitcoin as of 31 December 2023.
Argo's Chief Executive, Thomas Chippas, expressed delight in the company's strong performance, with a 20% increase in daily production during the fourth quarter, despite a 19% increase in monthly average network difficulty. The company granted 1,379,727 Restricted Stock Units (RSUs) on 5 December 2023, which vest over a three-year period.
Effective 5 January 2024, Seif El-Bakly stepped down from his position as Chief Operating Officer, and the operations team will now report to the Chief Strategy Officer, Sebastien Chalus. As part of Mr. El-Bakly's separation agreement, his previously awarded Performance Share Units (PSUs) will vest, resulting in the issuance of 1,973,892 new ordinary shares. Following this, the company will have a total of 538,937,363 Ordinary Shares in issue.
The company's total voting rights will be affected by these changes, and the new Ordinary Shares are expected to be admitted to the Official List and to trading on the Main Market of the London Stock Exchange PLC on 11 January 2024. This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014. For further information, Argo Blockchain can be contacted through the provided channels.