Argo Blockchain PLC Argo Mining Capacity Significantly Expanded (4359E)
04 July 2019 - 4:00PM
UK Regulatory
TIDMARB
RNS Number : 4359E
Argo Blockchain PLC
04 July 2019
PRESS RELEASE
4 July 2019
Argo Blockchain PLC
('Argo' or 'the Company')
Argo Expands Mining Capacity by 129%
Argo, a UK-based provider of enterprise-scale crypto mining
services (LSE:ARB), is pleased to announce a major expansion of its
mining capacity to support its mining operations of Bitcoin.
The Company has ordered 5,000 Antminer S17s at a total cost of
approximately $13.09 million USD, of which 50% is being paid
immediately, with the remainder to be paid five days before
shipment. The purchase is funded from a combination of cash and
cryptocurrency mining assets.
The new hardware is expected to be delivered at the beginning of
November and will complement an existing installed base of 7,025
machines. Following installation, the Company's total Bitcoin (BTC)
mining capacity will increase by roughly 129% to 505 petahash
(PH).
The Company will have a BTC capacity of 220 PH by the end of Q3
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 is approximately 4.5 months.
Mike Edwards, Executive Chairman of Argo, said: "This major
order with Bitmain is part of our strategy to rapidly scale-up our
mining infrastructure as the industry gains momentum from growing
institutional interest in this asset class. We have received
preferential prices for the new machines and together with other
hardware coming on stream, we believe this will make Argo one of
the biggest and most efficient mining platforms worldwide. With a
4.5 month ROI on our S17 purchases this June, we're excited to have
even more hardware in the pipeline."
For further information please contact:
Argo Blockchain
Mike Edwards via Tancredi +44 207 887 7633
President & Executive Director
Neil Thapar
Financial Communications Adviser +44 (0) 7876 455323
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Mirabaud
------------------------------
Corporate Broker
Peter Krens +44 203 167 7221
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Tancredi Intelligent Communication
Media Relations
------------------------------
+44 7957 549 906
Salamander Davoudi
salamander@tancredigroup.com
Emma Valgimigli
emma@tancredigroup.com +44 7727 180 873
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About Argo:
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.
www.argomining.co
See Argo's largest facility in Quebec:
https://youtu.be/LDWWaZ75Zbk
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END
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