<SEC-DOCUMENT>0001104659-21-116603.txt : 20211021
<SEC-HEADER>0001104659-21-116603.hdr.sgml : 20211021
<ACCEPTANCE-DATETIME>20210917060607
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-21-116603
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210917

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Argo Blockchain Plc
		CENTRAL INDEX KEY:			0001841675
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		50 JERMYN STREET
		STREET 2:		1ST FLOOR
		CITY:			LONDON
		STATE:			X0
		ZIP:			SW1Y 6LX
		BUSINESS PHONE:		(604) 657-0554

	MAIL ADDRESS:	
		STREET 1:		50 JERMYN STREET
		STREET 2:		1ST FLOOR
		CITY:			LONDON
		STATE:			X0
		ZIP:			SW1Y 6LX
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2115473d22_correspimg001.jpg" ALT=""></P>



<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 17, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Via EDGAR and Federal Express</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Matthew Derby, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Office of Technology</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>Argo Blockchain plc<BR>
Amendment No. 2 to Registration Statement on Form F-1<BR>
Filed, September 14, 2021<BR>
File No. 333-258926</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr. Derby:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On behalf of Argo Blockchain plc (the &ldquo;<B><U>Company</U></B>&rdquo;),
we hereby submit this letter in response to comments from the Staff of the Division of Corporation Finance (the &ldquo;<B><U>Staff</U></B>&rdquo;)
of the Securities and Exchange Commission (the &ldquo;<B><U>Commission</U></B>&rdquo;) on the Registration Statement, as set forth in
the Staff&rsquo;s letter dated September 14, 2021. Concurrently with this letter, we are filing to the Commission an amended Registration
Statement on&nbsp;Form&nbsp;F-1&nbsp;(the &ldquo;<B><U>Registration Statement</U></B>&rdquo;). For the Staff&rsquo;s reference, we are
also providing to the Staff a copy of this letter as well as both a clean copy of the&nbsp;Registration Statement and a copy marked to
show all changes from the Company&rsquo;s Form F-1 filed with the Commission on September 14, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In this letter, we have recited the comments from
the Staff in bold type. The responses follow each comment and, where applicable, include page references to the Registration Statement
indicating where disclosure has been added in response to the Staff&rsquo;s comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Amendment No. 2 to Form F-1 filed on September 14, 2021</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Recent Developments, page 2</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD><B>You state that mining revenue amounted to &pound;5.6 million in July and &pound;6.8 million in August 2021. Please tell us how
this compares to the revenue of &pound;5.9 million and &pound;7.2 million as previously disclosed in the Recent Development section of
your September 10, 2021 amendment. Also, revise here to explain why you are providing this information and discuss any limitations
regarding such information. In this regard, it appears that this information does not represent a complete picture of your operations
for the periods presented.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR>
    <TD STYLE="width: 0; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 0.5in; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">Sidley Austin (NY) LLP is a Delaware limited liability partnership doing business as Sidley Austin LLP and practicing in affiliation
with other Sidley Austin partnerships.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><IMG SRC="tm2115473d22_correspimg001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><B>Response: </B>The Company
respectfully advises the Staff that the revenue figures of &pound;5.6 million and &pound;6.8 million for mining revenue in July and
August 2021, respectively, reflected in the Recent Developments section contained in the Company&rsquo;s filings on September 10,
2021 and September 14, 2021 were unchanged. The figures of &pound;5.9 million and &pound;7.2 million for July and August 2021,
respectively, that appeared in the reconciliation table included in the Recent Developments section in the September 10, 2021 filing
were for Total Revenue, which includes mining revenue plus a small amount of management fees paid to the company for services
provided to third parties to manage mining machines on their behalf. This revenue stream is not material to the Company, but is
discussed in Note 3 to the Unaudited Interim Consolidated Financial Statements on page F-37. For clarity, the Company's calculation
of Bitcoin and Bitcoin Equivalent Mining Margin includes only mining revenue in the numerator and the denominator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Additionally, the Company has revised its
disclosure on page 2 of the amended Registration Statement to respond to the Staff&rsquo;s comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><U>The Offering, page 8</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD><B>Please state that the number of ordinary shares to be outstanding after the offering is based on 456,832,335 ordinary shares outstanding
as of June 30, 2021; however, as per the June 30, 2021 balance sheet there are 381,832,335 ordinary shares outstanding. Please explain
or revise.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><B>Response: </B>The Company has revised
the Registration Statement on pages 8 and 70 to respond to the Staff&rsquo;s comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Summary Historical Consolidated Financial and Other Data</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><U>Group Statement of Financial Position,
page 10</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD><B>Please tell us how you calculated the pro forma, as adjusted cash and cash equivalents of $191,378,348 both here and in the Capitalization
table and explain why the amounts differ. Based on the pro forma cash and cash equivalents of $47,155,328 as further adjusted for $124.0
million of offering proceeds and $25.0 million for the repayment of debt, it appears that the pro forma, as adjusted cash and cash equivalents
should be approximately $146,155,329. Also please correct the actual total assets on a US$ basis.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2115473d22_correspimg001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><B>Response: </B>The Company has revised
the Registration Statement on pages 10 and 70 to respond to the Staff&rsquo;s comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><U>Capitalization, page 70</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD><B>Please address the following as it relates to your Capitalization table disclosures:</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Explain what the &quot;stockholders' equity&quot; line item represents.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Consider including a subtotal for total stockholders' equity and ensure that such amount agrees to the June 30, 2021 balance sheet.
In this regard, the additional paid-in- capital actual amount as currently disclosed here does not agree to the balance sheet.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Revise to exclude cash and cash equivalents from the calculation of the total capitalization line item. Refer to Item 3.B of Form
20-F.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Provide us with a reconciliation of each line item in the table from the actual to pro forma to pro forma, as adjusted amounts.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><B>Response: </B> The Company has revised the Registration Statement on page 70 to respond to the Staff's comment. With respect to the Staff's request for
a reconciliation of each line item in the table from the actual to pro forma to pro forma, as adjusted amounts, we respectfully advise
the Staff that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">The only differences between the actual and pro forma amounts are that (1) pro forma cash and cash
                                                                                                                               equivalents and pro forma total debt have each been increased by the Company&rsquo;s $25 million (&pound;18 million) term loan with
                                                                                                                               Galaxy Digital LLC and (2) pro forma total capitalization has been accordingly increased. All other actual and pro forma figures are
                                                                                                                               identical; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">The only differences between the pro forma and pro forma, as adjusted amounts are that: (1) pro forma,
                                                                                                                               as adjusted cash and cash equivalents has been increased by the $124,385,000 (&pound;90,094,886) estimated net proceeds of this
                                                                                                                               offering as reduced by the repayment of the Company&rsquo;s $25 million (&pound;18 million) term loan with Galaxy Digital LLC; (2)
                                                                                                                               pro forma, as adjusted total debt has been reduced by the repayment of the Company&rsquo;s $25 million (&pound;18 million) term loan
                                                                                                                               with Galaxy Digital LLC; (3) pro forma, as adjusted stockholders' equity has been increased by the $103,545 (&pound;75,000) nominal
                                                                                                                               value of the ordinary shares issuable in this offering; (4) pro forma, as adjusted additional paid-in capital has been increased by
                                                                                                                               the $124,385,000 (&pound;90,094,886) estimated net proceeds of this offering less the $103,545 (&pound;75,000) nominal value of the
                                                                                                                               ordinary shares issuable in this offering; and (5) pro forma, as adjusted total capitalization has been accordingly increased. All
                                                                                                                               other pro forma and pro forma, as adjusted figures are identical.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Notes to Unaudited Interim Financial Statements</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Note 15. Common Stock, page F-44</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD><B>We note your revised disclosures in response to prior comment 4. Please further revise to provide a rollforward of the number and
weighted average exercise price of options and warrants from December 31, 2020 to June 30, 2021 and include each of the items identified
in IFRS 2.45(b).</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><B>Response: </B>The Company has revised
the Registration Statement on page F-45 to respond to the Staff&rsquo;s comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Should you wish to discuss the enclosed materials
at any time, please do not hesitate to contact me at (650) 565-7000 or at <U>mwellington@sidley.com</U> or Nigel D.J. Wilson at +44 (20)
7360 3604 or at <U>nigel.wilson@sidley.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Martin A. Wellington</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Martin A. Wellington</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 1in">&nbsp;</P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2115473d22_correspimg001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">cc:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Larry Spirgel, Esq., Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Peter Wall, Argo Blockchain plc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Nigel D.J. Wilson, Sidley Austin LLP&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Stelios G. Saffos, Latham &amp; Watkins LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Adam J. Gelardi, Latham &amp; Watkins LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Scott W. Westhoff, Latham &amp; Watkins LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="margin: 0pt">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2115473d22_correspimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2115473d22_correspimg001.jpg
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MAM41UR,'! R.":V*^9OVBXT'CW2F"*"]@NXXZ_O'ZU]+0JJ0QHBA550 JC
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
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
