Argo Blockchain, a London-based cryptocurrency mining firm, has introduced an enlargement of its mining capability that can greater than double its present hashrate. The enlargement will probably be completed via the acquisition of 20,000 S19J Professional bitcoin miners from Bitmain, which will probably be delivered in a number of installments. These miners will populate the power the corporate plans to construct in Texas subsequent yr.
Argo Blockchain Expands Hashrate
Argo Blockchain, a London-based crypto mining firm, has introduced the acquisition of 20,000 mining machines to broaden its capability. That is a part of the deliberate firm enlargement to West Texas, the place it should construct a mega-mining facility. The mining machines will probably be offered by Chinese language producer Bitmain in consecutive installments.
This buy settlement will permit Argo to greater than double its present mining capability, taking it to three.7 exahash for Q3 2022, betting huge on the way forward for Bitcoin as a community and a worthwhile asset. Whereas the quantity of the preliminary deposit for the acquisition was not revealed, the corporate said that it’s being funded with money reserves.
Argo Blockchain has been fast in increasing its mining capability. In February, it was estimated that the corporate had 787 petahash. Now the corporate estimates this quantity to have risen to 1.7 exahash in lower than a yr.
Texas, a New Miner Mecca
It’s not unusual that Argo picked Texas as the brand new vacation spot for its upcoming mega-mining heart. Texas has been in the sights of miners this yr as a vacation spot to settle after the Chinese language authorities declared a cryptocurrency mining ban in a number of key provinces earlier this yr. The important thing trait that Texas presents to miners is its comparatively low-cost energy tariffs, because of the configuration of its energy market.
Texas has a deregulated energy trade with numerous gamers in the sport, which permits for extra competitors, and miners plan to make the most of this in the long run. In truth, Argo is simply one of many mining corporations which have revealed plans to construct mining services in Texas. In April, mining agency Blockcap introduced it was relocating its headquarters to Texas in the midst of a $75 million ASIC buy.
Riot Blockchain, one other huge cryptocurrency mining agency, purchased Whinstone, an in-progress bitcoin mining heart additionally in Texas, for $650 million.
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