UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________ FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of June, 2025 Commission File Number: 001-40816 Argo Blockchain plc (Translation of registrant's name into English) _____________________ Eastcastle House 27/28 Eastcastle Street London W1W 8DH England (Address of principal executive office) Indicate by check mark whether the registran ...

Financial Condition and Risks - The company has experienced significant recurring losses from operations, raising substantial doubt about its ability to continue as a going concern [50]. - As of December 31, 2022, the company had cumulative carryforward tax losses of $17.6 million, which are unlikely to be utilized against future profits [56]. - The company's financial condition was materially affected by declines in the value of digital assets in 2022, necessitating the divestment of a substantial portion of fixed assets [49]. - The company may face increased tax liabilities due to potential disagreements with tax authorities regarding its tax positions [54]. - The company may not be able to raise additional capital needed for growth, which could impair its operations [49]. - The company may struggle to manage or hedge its financial exposure to digital assets, which could lead to liquidity shortages if market values decline [71]. - The operating results of the company have historically fluctuated due to the volatile nature of digital assets, making it difficult to forecast growth trends accurately [60]. - The company is subject to various risks, including changes in market conditions, regulatory actions, and competition from other digital assets and payment services [62]. - The company may face increased costs and resource allocation to protect against cybersecurity threats, which are expected to rise over time [75]. - The company may be subject to material litigation, which could result in substantial legal costs and divert management's focus [82]. Business Model and Strategy - The company has an evolving business model, which is subject to various uncertainties that could impact its future prospects [45]. - The company has shifted its business model from mining-as-a-service to a hybrid model of owning and operating mining facilities while utilizing third-party facilities for renewable energy since late 2022 [59]. - The company’s business strategy is heavily reliant on the market price of Bitcoin, which could be negatively impacted by the growth of alternative digital assets [81]. - Future acquisitions and investments may require significant management attention and could adversely affect financial results if not successfully integrated [87]. Market and Competition - The company operates in a highly competitive industry, facing competition from companies with greater resources [47]. - The company operates in a highly competitive digital asset industry, facing competition from firms with greater resources and experience [76]. - The emergence of central bank digital currencies (CBDCs) could pose a competitive threat to Bitcoin and other cryptocurrencies [80]. - The company faces competition from other financial vehicles providing exposure to digital asset prices, which could limit the market for its ADSs and reduce liquidity [123]. Digital Asset Risks - The company’s total revenue and cash flow are substantially dependent on the market value of digital assets and the volume of assets received from mining efforts [45]. - The company’s total revenue and cash flow are heavily reliant on the market value of digital assets, particularly Bitcoin, and any decline in these values could adversely affect its financial condition [63]. - The majority of the company's revenue is derived from transaction fees and cryptocurrency rewards from Bitcoin mining, making it vulnerable to fluctuations in Bitcoin demand and price [70]. - Cybersecurity threats and breaches could lead to significant financial losses and damage to the company's reputation, as sensitive data is stored with third-party custodians [72]. - The acceptance and widespread use of digital assets remain uncertain, contributing to price volatility and potentially affecting investments [92]. - The development and growth of digital assets are subject to various unpredictable factors, which could adversely affect the company's financial condition [93]. - The loss or destruction of private keys required to access digital assets may lead to irreversible financial loss and reputational harm [96]. - Incorrect or fraudulent digital asset transactions are generally irreversible, and recovery of losses may not be feasible [97]. - Digital asset networks face significant scaling challenges, which can result in high fees and slow transaction settlement times, adversely affecting business growth [100]. - The governance of decentralized digital asset networks may lack clarity, potentially leading to ineffective decision-making and stymied growth [98]. - A significant reduction in miners supporting proof-of-work networks could adversely affect the value of digital assets and the business [103]. - Recent bankruptcies of digital asset platforms have negatively impacted the price of digital assets and caused reputational harm to the industry [111]. - Digital asset trading platforms may be subject to varying levels of regulation, exposing digital asset holdings to risks of theft and fraud [114]. - The decentralized nature of digital asset networks may slow their response to challenges, adversely affecting their value and business operations [102]. - Changes to the Bitcoin protocol through forks could lead to fragmentation and security concerns, impacting the business [107]. - The shift in market preferences towards proof-of-stake networks may adversely affect the business and the value of proof-of-work cryptocurrencies [106]. Regulatory Environment - The company faces risks from an evolving regulatory environment that could impact the demand for digital assets and related services [68]. - The company is subject to extensive and rapidly-evolving regulatory landscapes, and any adverse changes could negatively affect its brand, reputation, and financial condition [159]. - The status of digital assets as "securities" is uncertain, and regulatory scrutiny could materially impact their trading value and liquidity [182]. - Enforcement actions against digital asset promoters by the SEC highlight the ongoing uncertainty regarding which digital assets are classified as securities, potentially affecting their market capitalization [183]. - The company may be classified as an investment company under the Investment Company Act if digital assets it mines or holds are deemed "securities" by the SEC, which would require registration [184]. - Various foreign jurisdictions have differing classifications for digital assets as "securities," impacting regulatory obligations for mining, sale, and trading [185]. - The IRS has classified cryptocurrencies as "property" for federal income tax purposes, but significant aspects of tax treatment remain uncertain [188]. - Future regulatory developments regarding cryptocurrencies could adversely impact the company's business and the broader cryptocurrency market [190]. - Regulatory actions in countries like China or Russia could severely restrict the ability to acquire, hold, or use cryptocurrencies [195]. Operational Challenges - The company’s mining operations are vulnerable to technological obsolescence and supply chain disruptions, which may negatively impact profitability [135]. - The lead time for acquiring new mining hardware can vary from three to twelve months, affecting the company's ability to remain competitive [137]. - The company’s mining facilities are subject to various risks, including natural disasters and infrastructure failures, which could disrupt operations [138]. - Climate change may have uncertain but potentially adverse impacts on the company's operations and financial performance over time [139]. - Access to stable and reliable electricity is critical for cryptocurrency mining, and the company plans to increase reliance on renewable energy sources, which may be intermittent [147]. - A substantial increase in electricity costs could render cryptocurrency mining services ineffective or unviable, adversely affecting the company's business and financial condition [154]. - The company may face challenges in obtaining electricity on economic and practicable terms due to state and local regulations, which could impact its mining operations [155]. - The company is exposed to price fluctuations in wholesale and retail power markets, which may adversely affect its business prospects and operating results [153]. - The bankruptcy or insolvency of any power generator or wholesale market supplier could result in a curtailment or loss of supply, materially affecting the company's mining operations [151]. Corporate Governance and Compliance - The company has received a notice from Nasdaq regarding non-compliance with the minimum bid price requirement of $1.00 per ADS, having failed to meet this for 30 consecutive business days prior to January 17, 2025 [211]. - The company has a compliance period of 180 calendar days to regain compliance, with the current closing bid price remaining below $1.00 [211]. - If the company does not regain compliance by July 15, 2025, it may be eligible for an additional 180-day compliance period, but there is no guarantee of regaining compliance [211]. - The company is reviewing options to regain compliance with Nasdaq listing standards, as delisting could negatively impact liquidity and capital raising efforts [211]. - The company must comply with various data privacy laws and regulations, and failure to do so could lead to significant fines and reputational harm [163]. - The General Data Protection Regulation (GDPR) could increase compliance costs and limit how the company processes information, with potential fines for non-compliance [166]. - The company is subject to extensive environmental, health, and safety laws, which may expose it to significant liabilities for penalties and compliance costs [167]. - Regulatory trends are increasingly imposing restrictions on activities perceived to impact the environment, potentially leading to higher compliance costs and operational restrictions [168]. - Legislative changes related to climate change could impose significant costs on the company, including increased energy requirements and capital equipment costs [169]. - The company may inadvertently engage in transactions with sanctioned entities due to the pseudonymous nature of blockchain transactions, which could lead to investigations and penalties [172]. - Non-compliance with anti-corruption and anti-money laundering laws could result in substantial civil and criminal fines, adversely affecting the company's reputation and financial condition [175]. - The company is not currently registered as a money services business (MSB) and could face significant penalties if required to register or obtain a license [178]. - As the company expands internationally, it faces increased obligations to comply with diverse laws and regulations, which may lead to investigations and enforcement actions [179]. - The complexity of global regulatory environments could result in overlapping investigations and legal proceedings, adversely affecting the company's operations and financial condition [181]. Shareholder and Market Information - The market price of the company's ADSs has been highly volatile, influenced by factors such as cryptocurrency prices and market speculation [212]. - A significant majority of the company's ordinary shares are held by retail investors, which may lead to increased volatility and susceptibility to online trading campaigns [216]. - The depositary for the ADSs is entitled to charge various fees, including annual service fees and fees for the issuance and cancellation of ADSs [222]. - ADS holders may not be entitled to a jury trial for claims arising under the deposit agreement, which could result in less favorable outcomes for plaintiffs [225]. - The company has not paid dividends in the past and does not anticipate paying any cash dividends in the foreseeable future, making capital appreciation the sole source of gains for ADS holders [233]. - As a foreign private issuer, the company is exempt from certain U.S. securities laws and may file less information with the SEC than U.S. public companies [234]. - The company will file an annual report on Form 20-F within four months of the fiscal year-end and reports on Form 6-K for certain material events promptly after public announcement [235]. - The company may follow UK corporate governance rules instead of Nasdaq requirements, which may result in fewer protections for shareholders [236]. - The depositary will not be liable for any failure to carry out voting instructions, potentially limiting the ability of ADS holders to exercise their voting rights [230]. - Holders of ADSs do not have the same voting rights as ordinary shareholders and may not receive voting materials in time to vote [228]. - The depositary has agreed to pay cash dividends or other distributions after deducting fees and expenses, but may not be able to make distributions if it is illegal or impractical [231]. - The company must have distributable profits before declaring and paying dividends, which it currently does not anticipate [232].

Financial Data and Key Metrics Changes - In Q3 2024, the company mined 123 Bitcoin, generating $7.5 million in revenue, a decrease from $12.4 million in Q2 2024 and $10.4 million in Q3 2023 [13][18] - The mining margin for Q3 was 8%, down from 58% in the same period last year, reflecting lower Bitcoin prices and higher energy costs [13][19] - The company reported a net loss of $6.3 million for the quarter and $39.2 million for the nine months ended September 30, 2024 [14] - Adjusted EBITDA was negative $2.1 million for Q3, compared to positive $2.4 million in the prior year [15][22] - The company ended the quarter with $2.5 million in cash and four Bitcoin equivalents held [16][22] Business Line Data and Key Metrics Changes - The mining profit decreased to $0.6 million from $5.1 million in Q2, indicating challenges in the mining environment [19] - Non-mining operating expenses decreased by approximately 12% year-over-year, reflecting cost discipline [21] Market Data and Key Metrics Changes - The Bitcoin network difficulty reached historically high levels in September, impacting mining profitability [7] - The average cost to produce 1 Bitcoin increased due to rising mining difficulty and declining hash prices, with daily profitability dropping to around 50% of pre-halving levels [6][7] Company Strategy and Development Direction - The company is focused on three key pillars: financial discipline, operational excellence, and growth through strategic partnerships [4][34] - A non-binding letter of intent was signed with the BE Group to explore High Performance Computing (HPC) expansion at Baie-Comeau, aiming to diversify revenue streams [17][30] - The company is exploring alternative arrangements for its fleet of 23,000 S19J Pro Miners as the hosting agreement with Galaxy will not be renewed beyond December 2024 [28][40] Management's Comments on Operating Environment and Future Outlook - Management noted that the macroeconomic environment has posed challenges for the Bitcoin mining sector, particularly following the Block Reward Halving in April 2024 [6] - The recent pause in interest rate hikes has created a more stable environment for miners, with expectations for favorable regulatory changes [9][12] - Management expressed optimism about recent initiatives and improvements in operational performance in October and November [20][23] Other Important Information - The class action lawsuit against the company was dismissed with prejudice in October 2024 [16][50] - The company fully repaid a $12.4 million loan during the quarter, strengthening its balance sheet [15][26] Q&A Session Summary Question: Decisions regarding the 2.4 exahash fleets at Helios and hash rate trajectory - The company is exploring options for the 2.4 exahash fleet at Helios, including alternative hosting arrangements or asset sales, with no final decision made yet [40] Question: Capital allocation priorities - The company is focusing on initiatives that drive sustainable growth, including the HPC expansion and Bitcoin mining operations [41][42] Question: Plans for the fleet at Helios and short-term hosting options - The hosting agreement concludes at the end of December 2024, and the company is evaluating options to ensure operational continuity [43] Question: Timeline for bringing HPC operations online - The company anticipates bringing HPC capabilities online by approximately April 2025, with significant progress made in discussions with the BE Group [44] Question: Update on current debt position - The company has retired the Galaxy debt, leaving unsecured notes as the primary outstanding debt, with a focus on strengthening the balance sheet [45] Question: Resource allocation between Bitcoin mining and HPC - The capital allocation strategy aims to balance the dynamics of both segments to maximize shareholder value [46] Question: Managing Bitcoin price volatility - The company is diversifying revenue streams through HPC to reduce exposure to Bitcoin price fluctuations [47][48] Question: Plans to start paying dividends - Currently, there are no plans to initiate a dividend, with excess cash directed towards strengthening the balance sheet [49] Question: Status of the class action lawsuit - The class action lawsuit was dismissed in early October, which was a positive resolution for the company [50] Question: Fleet efficiency and current hash rate environment - The current fleet efficiency is about 30 joules per terahash, with flexibility to optimize performance based on market conditions [51] Question: Approach to the evolving regulatory landscape - The company is monitoring the regulatory landscape closely, with optimism for a more stable environment following recent political changes [56]

Financial Data and Key Metrics Changes - In Q2 2024, the company mined 188 Bitcoin, generating revenue of $12.4 million, a decrease from $16.8 million in Q1 2024 and consistent with $12.6 million in Q2 2023 [7][8] - Mining profit decreased from $6.4 million in Q1 2024 to $5 million in Q2 2024, with a mining margin of 41% in Q2 compared to 38% in Q1 [8][9] - The company recorded a $22 million non-cash impairment charge on its mining machines due to decreases in fair market values and changes in mining economics [9][25] Business Line Data and Key Metrics Changes - The company achieved a mining margin of 41% in Q2 2024, up from 38% in Q1 2024, despite lower revenue due to the Bitcoin halving [8][9] - Adjusted EBITDA for Q2 was $2.6 million, down from $3.8 million in Q1 2024 but up from $1.6 million in Q2 2023 [9] Market Data and Key Metrics Changes - The macroeconomic environment has influenced the Bitcoin mining sector, with central banks indicating a potential pause in interest rate hikes, providing some stability for miners [5] - Energy prices remain a concern due to geopolitical instability and supply chain disruptions, affecting operational costs for Bitcoin miners [5][6] Company Strategy and Development Direction - The company aims to focus on financial discipline, operational excellence, and growth, positioning itself to take advantage of opportunities for development [4] - The repayment of the $35 million Galaxy debt allows the company to explore growth opportunities and improve its balance sheet [10][12] - The company is analyzing potential growth opportunities at its Baie Comeau site, which could increase its hashrate capacity significantly [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding Bitcoin mining economics, believing the fundamentals of the network remain strong despite current challenges [33] - The company plans to continue focusing on low-cost and reliable power access while exploring strategic partnerships in the energy sector [17][18] Other Important Information - The company has reduced its operating expenses by over 70% compared to the second half of fiscal 2022, indicating strong cost management [14] - The sale of the Mirabel facility allowed the company to streamline operations and reduce non-mining operating expenses by $700,000 annually [13] Q&A Session Summary Question: Update on debt situation and fleet expansion - The Galaxy debt has been paid off, and the main outstanding debt is the baby bonds maturing in November 2026. The focus is on efficiency rather than raw growth in fleet expansion [20][21] Question: Future growth opportunities in Quebec - The company is considering growth opportunities at Baie Comeau and remains open to exploring partnerships and new site selections [22][23] Question: Details on the impairment charge - The impairment charge of $22 million reflects decreases in fair market values of mining equipment and changes in mining economics post-Bitcoin halving [24][25] Question: Outlook for Bitcoin mining economics - The company remains cautiously optimistic about Bitcoin mining economics, expecting improvements as operational efficiencies are realized [32][33] Question: Plans for dividends - There are no current plans to start paying dividends; excess cash will be used for debt repayment or future growth investments [38][39] Question: Update on the shareholder lawsuit - The company filed a motion to dismiss the shareholder lawsuit in March and is awaiting a court ruling [40][41]

Financial Performance - Revenues for H1 2024 were $29.3 million, an 18% increase from $24.0 million in H1 2023, driven primarily by an increase in Bitcoin price[9]. - Adjusted EBITDA for H1 2024 was $5.7 million, up from $2.8 million in H1 2023[10]. - The company reported a loss before tax of $32,394,000 for the period ended June 30, 2024, compared to a loss of $18,563,000 for the same period in 2023, indicating an increase in losses of approximately 74%[30]. - The company expects its mining margin percentage to decline in the second half of 2024 due to challenging mining economics[41]. - The Group reported a loss before taxation of $32.4 million for the period ended 30 June 2024, compared to a loss of $18.6 million for the same period in 2023[51]. Mining Operations - The total number of Bitcoin mined during H1 2024 was 507, a 46% decrease from 947 in H1 2023, attributed to an increase in global hashrate and reduction in bitcoin denominated hash price[9]. - Mining margin for H1 2024 was $11.5 million or 39%, compared to $10.2 million or 42% for H1 2023[9]. - The company recorded a $22 million impairment charge during the period, reflecting challenges in mining economics[44]. - An impairment charge of $22 million was recorded for mining and computer equipment due to reduced fair market values and deteriorating mining economics[55]. - The Group mined 29,255 crypto assets during the period, compared to 50,558 in the previous year[57]. Financial Position - The company repaid its $35 million debt obligation to Galaxy, significantly deleveraging its balance sheet ahead of schedule[6][15]. - Total assets decreased from $75,940,000 as of December 31, 2023, to $33,331,000 as of June 30, 2024, representing a decline of approximately 56%[26]. - Cash and cash equivalents decreased from $7,443,000 at the beginning of the period to $3,985,000 at the end of the period, a decline of approximately 47%[31]. - Total current liabilities decreased from $27,585,000 as of December 31, 2023, to $14,428,000 as of June 30, 2024, a reduction of approximately 48%[26]. - The accumulated deficit increased from $192,370,000 as of December 31, 2023, to $225,104,000 as of June 30, 2024, an increase of approximately 17%[28]. Operational Efficiency - Operating expenses were reduced by over 70% to $5.8 million compared to the second half of fiscal 2022, and by over 25% compared to the first half of 2023[19]. - The sale of the Mirabel facility for $6.1 million is expected to reduce non-mining operating expenses by $0.7 million annually[9][18]. - The company ended June 2024 with $4.0 million in cash and 11 Bitcoin equivalent[9]. Shareholder Actions - The company issued 57.8 million shares post-June 30, 2024, raising gross proceeds of $8.3 million, which was used to repay Galaxy debt[42]. - The company’s share capital increased from $712,000 to $764,000, reflecting new share issuance[28]. - The Group issued 57.5 million ordinary shares and 57.5 million warrants for net proceeds of $7.7 million in July 2024[72]. Future Outlook - Future focus will remain on financial discipline, operational excellence, and growth through strategic partnerships[22]. - The company faces material uncertainties regarding its ability to continue as a going concern, particularly related to Bitcoin prices and power costs[43].

Core Viewpoint - Argo Blockchain PLC has received a Zacks Rank 2 (Buy) upgrade, indicating a positive outlook on its earnings estimates, which is expected to positively influence its stock price [1][2]. Earnings Outlook - The Zacks Consensus Estimate predicts Argo Blockchain will earn -$0.32 per share for the fiscal year ending December 2024, reflecting a year-over-year change of 52.9% [5]. - Over the past three months, analysts have raised their earnings estimates for Argo Blockchain by 40.6% [5]. Impact of Earnings Estimates - Changes in a company's earnings potential, as indicated by earnings estimate revisions, are strongly correlated with near-term stock price movements [3]. - Institutional investors utilize earnings estimates to determine the fair value of stocks, leading to significant price movements based on their buying or selling actions [3]. Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a proven track record of Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [4]. - The upgrade of Argo Blockchain to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [7].

The price trend for Argo Blockchain PLC Sponsored ADR (ARBK) has been bearish lately and the stock has lost 5% over the past two weeks. However, the formation of a hammer chart pattern in its last trading session indicates that the stock could witness a trend reversal soon, as bulls might have gained significant control over the price to help it find support.The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not t ...

Argo Blockchain PLC Sponsored ADR (ARBK) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the sy ...

Financial Data and Key Metrics Changes - In Q1 2024, the company generated approximately $17 million in revenue, a 4% increase from Q4 2023, primarily due to elevated hash prices [6][9] - Cash in hand at the end of Q1 2024 was $12.4 million, up from $7.4 million at the end of 2023 [6] - The mining margin percentage for Q1 2024 was 38%, an increase from 34% in Q4 2023 [9] - Adjusted EBITDA for Q1 2024 was $3.8 million, nearly doubling from the previous year [9] Business Line Data and Key Metrics Changes - The company mined 319 Bitcoin in Q1 2024, with an average direct cost per Bitcoin mined of approximately $32,000 [9] - The sale of the Mirabel facility for $6.1 million allowed for a reduction in operational expenses by about $700,000 annually [7][39] Market Data and Key Metrics Changes - The Bitcoin block subsidy decreased from 6.25 to 3.8 Bitcoin following the recent halving [4] - The network hash rate peaked at 654 exahash before the halving but dropped to 580 exahash shortly after [5] Company Strategy and Development Direction - The company is focused on financial discipline, operational excellence, and strategic partnerships as part of its R3 priorities [3] - There is an emphasis on transitioning to clean energy and integrating operational capabilities with energy companies [12] - The company aims to leverage its size to target smaller sites with unique power cost characteristics [19][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth opportunities despite the challenges posed by the recent halving and market volatility [3][4] - The company plans to continue practicing economic curtailment during high power prices to maintain mining margins [14][15] - Management highlighted the importance of maintaining a strong fiscal position while exploring growth opportunities [21][31] Other Important Information - The company executed an equity raise of nearly $10 million in January 2024 and used proceeds from the Mirabel sale to reduce debt [6][9] - The company has reduced its Galaxy debt significantly, from $35 million to approximately $12.8 million [31] Q&A Session Summary Question: Can you elaborate on the Galaxy relationship and mining during summer months? - The company can curtail operations during high power prices, generating power credits that reduce mining costs [14][15] Question: Will Argo invest in infrastructure again or only focus on machines? - The company is open to both hosted machines and infrastructure investments, evaluating opportunities on a case-by-case basis [17] Question: What growth opportunities is Argo seeking? - The company is looking for smaller sites with unique power characteristics but cannot disclose specific details at this time [19] Question: How does Argo plan to return to growth while balancing debt obligations? - The company aims to optimize operational efficiency and leverage strategic partnerships while maintaining fiscal responsibility [21] Question: Can you speak to power prices for the second quarter? - Power prices are expected to be volatile, influenced by summer demand, and the company will remain agile to capitalize on economic curtailment [23][24] Question: Does Argo have plans to branch into AI data centers? - The company has explored the possibility but remains focused on Bitcoin mining operations for now [26] Question: How is management approaching capital allocation strategy? - The company will balance expense management with fleet upgrades, considering hash price and energy costs [28][29] Question: What are your plans for increasing efficiency and reducing downtime? - The company is focused on maintaining uptime and improving operational efficiency, with a 5% increase in daily Bitcoin production noted [34] Question: What is the current hash rate across all facilities? - The hash rate capacity at Baie Comeau is about 300 petahash, while Helios has approximately 2.4 exahash [36] Question: What was the thought process around selling the Mirabel facility? - The sale price was favorable, and it allowed for operational consolidation, reducing overhead and maintaining hash rate capacity [38][39]

Financial Reporting and Accounting - The company reported a fiscal year-end on December 31, with financial statements prepared in accordance with IFRS[9] - Financial information is presented in U.S. dollars, with all references to "$" indicating U.S. dollars[9] - Changes in financial accounting standards could significantly affect the company's reported financial results and investor confidence[120] - The company may incur extraordinary, non-recurring expenses due to potential regulatory requirements imposed by the CFTC related to its mining activities and transactions in Bitcoin and digital assets[196] Market and Industry Risks - The company acknowledges the volatility of cryptocurrency markets, which can significantly impact financial performance[16] - The company has experienced significant fluctuations in operating results due to the highly volatile nature of digital assets, which are influenced by market sentiments and broader blockchain ecosystem movements[43] - The company's total revenue and cash flow are heavily reliant on the market value of digital assets and the volume of assets mined; any decline in these factors could adversely impact financial performance[45] - The company may experience financial exposure due to volatility in the Bitcoin market, which could lead to liquidity shortages if not properly hedged[56] - The acceptance and widespread use of digital assets remain uncertain, contributing to price volatility and potential adverse effects on investments[76] - The emergence of central bank digital currencies (CBDCs) could compete with Bitcoin, potentially impacting its market position[65] - The transition of digital asset networks from proof-of-work to proof-of-stake could negatively impact the company's competitiveness in the mining sector[36] - The company faces potential adverse impacts from regulatory changes affecting digital asset activities, which could influence demand and market value[52] Operational Challenges - The company is focused on expanding its digital asset ecosystem, which includes various stakeholders and technologies[22] - The report outlines the risks associated with mining difficulty and network performance, which can affect operational outcomes[26] - The company generates nearly all revenue from cryptocurrency rewards and transaction fees, making it vulnerable to fluctuations in cryptocurrency prices and market liquidity[46] - The company may face challenges in raising additional capital needed for growth, especially after experiencing significant losses in the cryptocurrency market[40] - The company relies on third-party custodians for digital asset storage, exposing it to potential security threats that could result in asset loss[35] - The company is subject to extensive regulatory oversight, and any adverse changes in laws or regulations could affect its business operations and financial condition[158] - The company may face significant fines and regulatory consequences if it fails to comply with evolving laws and regulations related to digital assets, which could adversely affect its business and financial condition[161] Cybersecurity and Technology Risks - Cybersecurity threats and breaches could materially affect the company's operations and financial condition, with increasing costs for protection against such threats[61] - The company relies on third parties for the security of digital assets, and any security breaches could adversely affect the value of its ADSs[122] - The company faces risks related to technological obsolescence and supply chain disruptions for cryptocurrency mining hardware, which may negatively affect operations[133] - The development of new technologies for mining digital assets could affect network security and the value of digital assets[82] Strategic and Competitive Landscape - Competition in the digital asset industry is intense, with competitors having advantages such as greater financial resources and established relationships[62] - The company is actively considering strategic opportunities, including acquisitions and joint ventures, but cannot guarantee successful outcomes or favorable terms[71] - Future acquisitions may lead to integration challenges and potential liabilities, negatively impacting cash flows and financial condition[71] - The company plans to continue making acquisitions and investments, which may disrupt operations and affect financial results[70] Regulatory Environment - The SEC has taken the position that certain digital assets may be classified as securities, which could adversely affect the trading value and liquidity of such assets[185] - The classification of digital assets as securities varies by jurisdiction, potentially leading to different regulatory obligations and implications for trading and mining[188] - Future developments regarding the treatment of cryptocurrencies for tax purposes remain uncertain, which could adversely impact the company's business and the broader cryptocurrency market[190] - The company may be classified as an investment company under the Investment Company Act if its digital assets are deemed securities, which would require registration with the SEC[187] Environmental and Supply Chain Risks - Climate change poses uncertain risks that could materially impact operational costs and financial performance due to extreme weather events and disruptions in supply chains[139] - The company’s mining operations could be adversely affected by price fluctuations in the wholesale and retail power markets, which are unpredictable and influenced by various external factors[153] - The company may have difficulty finding suitable mining facilities that meet operational requirements at acceptable costs, potentially impacting financial position and growth opportunities[156] Legal and Compliance Risks - The company is subject to ongoing litigation, including a class action lawsuit, which could divert management attention and incur significant costs[69] - Violations of anti-corruption and anti-money laundering laws could result in severe penalties, adversely affecting the company's reputation and financial condition[176] - The company may inadvertently engage in transactions with sanctioned entities due to the pseudonymous nature of blockchain transactions, which could lead to legal repercussions[172] - The company faces increased obligations to comply with various international laws and regulations as it expands its operations, which may lead to overlapping investigations by multiple regulatory authorities[182]