Mining Capacity to Increase by 240%
30 October 2019
Argo Blockchain PLC
('Argo' or 'the Company')
Expanded Bitmain Order to Increase Mining Capacity by 240%
Argo, a leading enterprise-scale cryptominer based in the UK (LSE:ARB), is pleased to announce that it has amended and expanded its existing order for mining equipment from leading supplier, Bitmain.
The Company's existing order for 5,000 Antminer S17s costing $13.09M USD has been replaced by an order for 10,000 Antminer T17s costing $9.51M USD. Argo's existing S17 down payment of $6.546M USD will be applied against this amended order. The outstanding balance of the amended order is fully fundable from Argo's cash resources.
Argo has decided to pursue this opportunity as the amended order is significantly superior in terms of total mining efficiency and enables the Company to grow further its overall mining capacity.
The total number of cryptomining machines now on order totals 10,500 (the order described above, together with 500 Antminer S17s that await delivery).
Argo expects that the amended order will be delivered in batches from early December, and will increase the size of Argo's mining estate to 17,000 machines or 640 PH, increasing the Company's total mining capacity by 240%.
Mike Edwards, Executive Chairman of Argo, said: "This amended order represents another significant expansion of our mining infrastructure to become the world's biggest publicly listed cryptominer. Moving from the S17 to the T17 increases our mining output considerably. Our strong balance sheet and cash flow means we can continue to invest to take advantage of favourable industry conditions and position Argo for long-term growth and value creation."
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Argo Blockchain plc is a global data centre business that provides a purpose-built and flexible platform for mining of leading cryptocurrencies for the enterprise-scale and institutional sectors worldwide from operational centres in Canada. The Company is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB.
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