Recently, Argo Blockchain announced that it is expanding its Bitcoin mining capacity through an acquisition of extra 20,000 mining machines for the data center the firm is building in West Texas.
Argo Blockchain has executed a purchase agreement for 20,000 Bitmain Antminer S19J Pro machines which wiil be paid in periodic installments before closing shipment. The firm said that it expects machines will increase Argo's hashrate by more than 2 Exahash. New machines are expected to be delivered and installed at the upcoming Texas facility in monthly batches from Q2 2022 through Q3 2022.
According to Argo Blockchain, on the basis of existing capacity and previous orders, the company's mining capacity is expected to be 1.7 Exahash by mid-Q4 2021. And by the end of Q3 2022 total mining capacity will reach more than 3.7 Exahash.
The process of verifying transactions and adding new blocks to a blockchain ledger is known as Cryptocurrency mining. In the process, every new block of transactions has a complex mathematical hash function linked with it that needs high computing power to solve. A higher mining hashrate corresponds to increased mining success.
Well, the first deposit for the order is currently being funded by the company's cash reserves. Argo declined to give a value for the order.
The crypto mining firm completed the land purchase for the new Texas data center in March this year.Just a week ago it raised $112.5M in US Share Sale where it sold 7.5 million shares for $15 each.
"The company is pleased to continue and strengthen its longstanding relationship with Bitmain," Argo noted in a stock market statement.
Headquartered in London, UK, with operations in strategic locations in North America, Argo Blockchain PLC is a global data centre business that offers a platform for cryptocurrency mining operations. Its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB.