Argo announces 'major expansion' of mining capacity to support bitcoin operations
Source - SMW
Crypto mining services provider Argo announced a 'major expansion' of its mining capacity to support its mining operations of Bitcoin.
The company ordered 5,000 Antminer S17s at a total cost of approximately $13.09m, of which 50% was paid immediately, with the remainder to be paid five days before shipment. The purchase wqas funded from a combination of cash and cryptocurrency mining assets.
The new hardware, expected to be delivered at the beginning of November, would complement an existing installed base of 7,025 machines. Following installation, the Company's total Bitcoin (BTC) mining would increase by roughly 129% to 505 petahash (PH).
The company would have a BTC capacity of 220 PH by the end of the third quarter when it receives the previously announced 2,500 machines.
At the current Bitcoin price of $11,352 USD, the return on investment for the company's current S17 machines was approximately 4.5 months.
At 8:26am: (LON:ARB) Argo Blockchain Plc Ord 0.1p share price was +0.7p at 8.8p