UK Bitcoin Miner Eyes 240% Capacity Boost With New $10M Hardware Order
U.K.-based Bitcoin mining firm Argo Blockchain has doubled its order of new cryptocurrency miners as it eyes “significant expansion” of its capacities.
United Kingdom-based mining firm Argo Blockchain has doubled its order of new cryptocurrency miners as it eyes “significant expansion” of its capacities.
Poised for 17,000 miners in operation
In lieu of a prior order for 5,000 new Antminer S17s at a cost of $13.09 million, Argo Blockchain has reportedly now placed an order for 10,000 Antminer T17s — at a cost of $9.51 million.
The firm’s original $6.5 million down payment will be carried through for the new order, the company indicated, with the remaining $3 million to be provided from Argo’s cash reserves.
With the new delivery expected in early December, the firm will have a total of 17,000 Bitcoin (BTC) mining machines in operation.
Argo executive chairman Mike Edwards said the new order represented a “significant expansion” of mining infrastructure, noting that the choice to switch to T17s will seal a major increase in output for the firm.
He took a bullish line on the company’s health and the wider crypto markets, stating:
“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.”
As previously reported, Argo Blockchain added 1,000 fresh miners back in September. Reports had moreover circulated in August pointing to the company’s closure of a deal to increase its electricity supply by 357%.
Cointelegraph’s report at the time indicated the firm may have already then been poised to become the world’s largest publicly-listed miner.
Over the past six months, the company’s stock price increased by 137% from £3.25 ($4.06) to £7.70 ($11.85) per share, according to Google Finance.
Bitmain launched its upgraded Application Specific Integrated Circuit (ASIC) T17+ mining machines at the World Digital Mining Summit this October, promising increased power efficiency and hash rate.
Bitmain has itself meanwhile renewed its bid for a public listing, with fresh reports alleging it has recently filed for an Initial Public Offering with the United States Securities and Commission.