Argo Expands Its Mining Operations
In a bold move to ramp up its cryptocurrency mining prowess, United Kingdom-based Argo Blockchain has effectively doubled its order of new miners. This ambitious strategy signals the company’s readiness to tap into the booming crypto market and significantly boosts its operational capabilities.
What’s in the Order?
Previously, Argo had placed an order for 5,000 Antminer S17s, costing approximately $13.09 million. However, the firm has now upped the ante by securing an additional 10,000 Antminer T17s for a more budget-friendly sum of $9.51 million. The initial $6.5 million deposit will remain, with an additional $3 million drawing from Argo’s ample cash reserves.
Projected Hash Power Growth
With these fresh miners coming in early December, Argo plans to boost its hashing power by a staggering 240%, reaching a total of 17,000 Bitcoin (BTC) mining machines. If that doesn’t sound impressive, visualize the amount of computing power that entails—it’s akin to a tech-savvy army marching into a digital gold rush!
Executive Optimism
Mike Edwards, Argo’s executive chairman, has expressed hearty optimism about the new miner order. He characterized this development as a “significant expansion” in mining infrastructure, highlighting that the switch to T17s would catalyze a noticeable uptick in output. He confidently stated:
“Our strong balance sheet and cash flow means we can continue to invest to take advantage of favorable industry conditions and position Argo for long-term growth and value creation.”
Recent Expansion Moves
In keeping with its aggressive growth strategy, Argo Blockchain added 1,000 new miners back in September, smartly augmenting its energy supply by a whopping 357%. Rumors have circulated that this expansion might just propel Argo to become the world’s largest publicly listed miner.
Stock Price Surge
Let’s not forget the financial performance: over the last six months, Argo’s stock price soared by 137%, skyrocketing from £3.25 ($4.06) to £7.70 ($11.85) per share. A strong stock price is often tied to investor confidence, and it seems the investors are feeling pretty good about Argo’s trajectory.
What’s Next for Bitmain?
Just as Argo is ramping up operations, Bitmain has introduced its new T17+ mining machines, promising improved power efficiency and hash rate. Moreover, the company has its eyes set on a potential public listing, having filed for an Initial Public Offering with the U.S. Securities and Exchange Commission.
