Argo Blockchain Enters Hosting Services Agreement, Will Get 25% of Profits
09 September 2022 - 05:54PM
Dow Jones News
By Joe Hoppe
Argo Blockchain PLC said Friday that it has entered a strategic
hosting services agreement with an undisclosed third party,
receiving 25% of net profits from Bitcoin mined by hosted mining
machines.
The London-listed cryptocurrency miner said that, as part of the
agreement, it will host and operate mining machines owned by the
third party at its Helios facility in Texas. Argo has committed to
provide the party with up to 32 megawatts of power capacity, enough
electricity to power more than 10,000 machines.
The company said that in August it had mined 235 Bitcoin or
Bitcoin equivalents, compared to 219 in July. Based on daily
foreign exchange rates and that month's cryptocurrency prices,
mining revenue rose to 4.4 million pounds ($5.1 million) from
GBP3.9 million in July.
Shares at 0715 GMT were up 2.4 pence, or 6.9% at 37.0 pence.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
September 09, 2022 03:39 ET (07:39 GMT)
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