4th Jul 2019 12:58
(Alliance News) - Cryptomining services provider Argo Blockchain PLC said Thursday it has considerably expanded its mining capacity for USD13.1 million in cash and cryptocurrency mining assets.
Argo Blockchain has ordered 5,000 Antminer S17s, which are cryptomining devices. Half of the USD13.1 million consideration will be paid immediately, and the remainder five days before shipment.
The new hardware is expected to be delivered in November, and will complement an existing installed base of 7,205 machines. Following installation, Argo's total bitcoin mining capacity is set to more than double to 505 petahash from 220ph.
"This major order with Bitmain is part of our strategy to rapidly scale-up our mining infrastructure as the industry gains momentum from growing institutional interest in this asset class. We have received preferential prices for the new machines and together with other hardware coming on stream, we believe this will make Argo one of the biggest and most efficient mining platforms worldwide," said Executive Chair Mike Edwards.
Shares in Argo Blockchain were up 5.8% at 8.57 pence on Thursday.
Related Shares:
Argo Blockchai.