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Argo Blockchain to Increase Mining Capacity by Anticipated 240%
U.K. Mining Firm to Greatly Expand Number of Mining Computers
Founded in 2017, Argo Blockchain plc is a leading London-based cryptocurrency mining company. They mine a wide array of cryptocurrencies including Bitcoin, Ethereum, & Ethereum Classic to name a few. Argo Blockchain are notably traded on the London Stock Exchange (LSE:ARB) and holds over £3mln in various crypto assets.
As part of their mission to become the world's largest and most efficient crypto mining company, they have unveiled some hardware updates.
Argo Blockchain's Hardware Upgrade
It has been announced by Argo Blockchain yesterday that they have successfully installed 500 of Bitmain's new Antminer T17's. This move brought the total number of operational mining machines up to 6,500.In addition to this Argo have unveiled that an order of 10,500 additional Antminer mining machines. 10,000 Antminer T17s and 500 Antminer S17s.
Argo is anticipated to receive their order in batches, starting December 2019. In total, Argo mining operation will grow to a total of 17,000 mining machines which should increase their capacity by 240%.
The Executive Chairman of Argo, Mike Edwards said: "This amended order represents another significant expansion of our mining infrastructure to become the world's biggest publicly listed cryptominer. Moving from the S17 to the T17 increases our mining output considerably. Our strong balance sheet and cash flow means we can continue to invest to take advantage of favourable industry conditions and position Argo for long-term growth and value creation."
Argo Blockchain already had an impressive revenue report for the 3rd quarter of 2019. Seeing their investment in new hardware, one can assume that 2020 Will be a good year for Argo. The one catch is that Argo's success depends on the value of Bitcoin.