Home Cryptocurrency News Cryptocurrency Mining Company Argo Blockchain Exceeds 1,000 Bitcoin Holding and Provides Update on Mining Infrastructure

Cryptocurrency Mining Company Argo Blockchain Exceeds 1,000 Bitcoin Holding and Provides Update on Mining Infrastructure

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LONDON–()–Argo Blockchain, a worldwide chief in cryptocurrency mining (LSE: ARB) (OTCQX: ARBKF), is happy to supply the next operational replace for Might.

Operational Replace

Through the month of Might, Argo mined 166 Bitcoin or Bitcoin Equal (collectively, BTC) in comparison with 163 BTC in April. This brings the entire quantity of BTC mined year-to-date to 716 BTC.

Based mostly on day by day international alternate charges and cryptocurrency costs in the course of the month, mining income in Might amounted to $7.8 million (April 2021: $9.3 million). Argo generated this earnings at a median month-to-month mining margin of roughly 82% for the month of Might regardless of fluctuations in mining problem. (April 2021: 85%).

On the finish of Might, the Firm held 1108 Bitcoin or BTC equal.

Argo can be happy to announce that it has executed a Grid Interconnection Settlement with the Wind Power Transmission of Texas (WETT) and American Electrical Energy (AEP) for 200 MW at their Helios web site within the Panhandle of Texas for its Texas mining facility. The power is predicted to hook up with the Electrical Reliability Council of Texas (ERCOT) grid in Q1 2022. Argo has additionally bought two 90 MVA 345kV transformers from Pennsylvania Transformer Know-how, a key a part of {the electrical} infrastructure for the Firm’s Texas growth. The transformers will probably be manufactured in the US and are scheduled to be delivered to the location in February 2022. When accomplished, Argo’s Texas mining facility is predicted to be one of many largest services in the US.

Replace on Mining Infrastructure

The Firm additionally broadcasts an replace to its 18 January 2021 announcement referring to the enlargement of the Firm’s mining capability in Q1 and Q2 2021. As beforehand introduced, Argo bought machines with a complete of 540 petahash (PH) from a number one producer. Nonetheless, on account of manufacturing delays the order was cancelled and Argo has acquired a full refund. Because of Argo’s long-standing partnership with Core Scientific, a alternative order has been positioned with Bitmain (through Core Scientific) of Antminer S19 and S19J machines totalling 530 PH at a aggressive value to present market charges. These mining rigs are anticipated to be delivered and put in in levels, with some machines already operational, and the remainder anticipated to be put in, later than the unique order, in September and October 2021.

To satisfy the steadiness of the order, Argo has additionally elevated a earlier order from a second producer from 70 PH to 80 PH, supply of which is at the moment scheduled for July 2021. Mixed, the brand new mining {hardware} is predicted so as to add roughly 610 PH to Argo’s current operations, bringing the Firm’s anticipated whole computing energy to 1.68 exahash by mid October 2021.

Funding in DeFi Firm

As a part of the Firm’s ongoing technique to construct bodily and digital cryptocurrency infrastructure, Argo can be happy to announce it has made an funding of $208,000 (CAD $250,000) in WonderFi Applied sciences Inc. (previously DeFi Ventures Inc.), as half of a bigger fundraising spherical by WonderFi. WonderFi is a expertise firm with a mission to carry decentralised finance to the plenty by a collection of merchandise and instruments that are constructed on the core rules of simplicity and schooling. As a part of the funding, Peter Wall has been appointed as an unpaid advisor to WonderFi.

“Might has been a busy month. We’ve continued to ship sturdy income and consequently, Argo’s Bitcoin holding has now surpassed 1,000 BTC” Peter Wall, Chief Govt of Argo stated. “We’re additionally delighted to have signed the Crypto Local weather Accord and to have been concerned within the creation of the Bitcoin Mining Council. These initiatives have the potential to enact systemic change inside our sector and pace up the speed at which miners swap to renewable vitality to energy their operations. We’re additionally happy to announce Argo’s strategic funding into WonderFi. Entry to this rising sector must be democratised and we imagine WonderFi is in a superb place to attain this.”

About Argo:

Argo Blockchain plc is a worldwide chief in cryptocurrency mining with one of many largest and best operations powered by clear vitality. The Firm is headquartered in London, UK and its shares are listed on the Primary Market of the London Inventory Alternate beneath the ticker: ARB and on the OTCQX Greatest Market in the US beneath the ticker: ARBKF.


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