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Argo Blockchain, a London-based cryptocurrency mining company, has announced an expansion in its mining capacity that will more than double its current hashrate. The expansion will be achieved through the acquisition of 20,000 Bitmain S19J Pro bitcoin miners, which will be delivered in installments. These miners will populate the facility the company plans to build in Texas next year.
Argo Blockchain expands hashrate
Argo Blockchain, a London-based crypto-mining company, has announced the purchase of 20,000 mining machines to increase its capacity. This is part of the company’s planned expansion into West Texas, where it will build a mega mining facility. The mining machines will be supplied by Chinese manufacturer Bitmain in consecutive installments.
This purchase agreement will allow Argo to more than double its current extraction capacity, bringing it to 3.7 exahash for the third quarter of 2022, betting big on the future of Bitcoin as a profitable network and asset. Although the amount of the initial deposit for the purchase was not disclosed, the company said it was funded by cash reserves.
Argo Blockchain quickly expanded its mining capacity. As of February, the company was estimated to have 787 petahashs. Now the company estimates that number has grown to 1.7 exahash in less than a year.
Texas, a new mecca for miners
It is not strange that Argo chose Texas as the new destination for its future mega mining center. Texas has been in the sights of miners this year as a destination to settle after the Chinese government declared a cryptocurrency mining ban in several key provinces earlier this year. The key trait that Texas presents to miners is its relatively cheap electricity rates, due to the configuration of its electricity market.
Texas has a deregulated energy industry with many players, which allows for more competition, and the miners plan to profit from it in the future. In fact, Argo is just one of the mining companies that have revealed plans to build mining facilities in Texas. In April, mining company Blockcap announced it was moving its headquarters to Texas as part of a $ 75 million ASIC purchase.
Riot Blockchain, another large cryptocurrency mining company, bought Whinstone, an ongoing bitcoin mining center also in Texas, for $ 650 million.
What do you think of Argo Blockchain’s plan to establish a cryptocurrency mining farm in Texas? Tell us in the comments section below.
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