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With the meteoric rise in crypto prices this year, several mining firms have expanded their capacities as mining digital currencies become increasingly lucrative. One of these firms is Argo Blockchain, which recently announced the purchase of additional equipment that would more than double its computing hashrate by next year.
In an announcement posted on the London Stock Exchange website on September 30, Argo revealed its expansion plans via 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 executed a purchase agreement for 20,000 Bitmain Antminer S19J Pro machines, to be paid in periodic installments before final shipment,” the company said.
The company added that the initial deposit will be funded using its cash reserves. However, Argo did not disclose the total value of the purchase, according to Coindesk.
The additional crypto mining hardware will be installed at the company’s future Texas facility. It will be installed in monthly batches starting from the second quarter until the third quarter of 2022.
With the Bitcoin miners in place, Argo expects its hashrate to increase by more than 2 Exahash next year. This would be more than double it projected capacity of 1.7 Exahas by the fourth quarter this year.
“Based on existing capacity and previous orders, Argo's mining 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 Q3 2022. The Company is pleased to continue and strengthen its longstanding relationship with Bitmain.”
Argo announced in March 2021 that it purchased 320 acres of land in West Texas. “The acquisition of DPN LLC (by way of 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 200mw mining facility over the next 12 months,” the company said. “This facility will provide Argo with what it believes are some of the lowest electricity rates in the world, the majority of which is from renewable sources.”
