Argo Blockchain PLC Mining Capacity to Increase by 240% (5466R)
30 October 2019 - 6:00PM
UK Regulatory
TIDMARB
RNS Number : 5466R
Argo Blockchain PLC
30 October 2019
PRESS RELEASE
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$13.09M USD has been replaced by an order for 10,000 Antminer T17s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."
Argo Blockchain
Mike Edwards via Tancredi +44 203 434
President & Executive Director 2334
Neil Thapar
Financial Communications
Adviser +44 7876 455323
-------------------------
Mirabaud
-------------------------
Corporate Broker
Peter Krens +44 203 167 7221
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Tancredi Intelligent Communication
Media Relations
-------------------------
Salamander Davoudi +44 7957 549 906
salamander@tancredigroup.com
Emma Valgimigli
emma@tancredigroup.com +44 7727 180 873
-------------------------
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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