Crypto miner Argo to increase Bitcoin mining capacity to 3.7 exahash by next year
Argo Blockchain announced the purchase of 20,000 Bitmain Antminer S19J Pro machines that would more than double its IT hashrate by next year.
With crypto prices soaring this year, several mining companies have expanded their capabilities as the mining of digital currencies becomes more and more lucrative. One of those companies is Argo Blockchain, which recently announced the purchase of additional equipment that would more than double its IT hashrate by next year.
In an announcement posted to the London Stock Exchange website on September 30, Argo revealed its plans to expand through the acquisition of more Bitcoin mining equipment. “Argo Blockchain, a global leader in cryptocurrency mining (LSE: ARB; NASDAQ: ARBK), is pleased to announce that it has signed a purchase agreement for 20,000 Bitmain Antminer S19J Pro machines, to be paid in periodic installments before final shipment, ”the company says.
The company added that the initial deposit will be funded using its cash reserves. However, Argo did not disclose the full value of the purchase, according to Coindesk.
The additional crypto-mining hardware will be installed at the company’s future facility in Texas. It will be installed in monthly batches from the second quarter until the third quarter of 2022.
With Bitcoin miners in place, Argo expects its hashrate to increase by more than 2 Exahash next year. That would be more than double its planned capacity of 1.7 Exahas by the fourth quarter of this year.
“Based on existing capacity and previous orders, Argo’s extraction capacity is expected to be 1.7 Exahash by mid-Q4 2021,” Argo said. “This expansion will bring the company’s total mining capacity to 3.7 Exahash by the end of the third quarter of 2022. The company looks forward to continuing and strengthening its long-standing relationship with Bitmain.
Argo announced in March 2021 that it had purchased 320 acres of land in West Texas. “The acquisition of DPN LLC (through a merger with a wholly-owned subsidiary of Argo) gives Argo access to up to 800 megawatts of electrical power, where Argo intends to build a new 200 MW mining facility over the next 12 months, “the company said.” This facility will provide Argo with what it believes to be some of the lowest electricity rates in the world, the majority of which comes from renewable sources. “
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