By Samuel Indyk
Investing.com – London-listed cryptocurrency miner Argo Blockchain (LON:ARB) has today announced it has executed a purchase agreement for 20,000 Bitmain Antminer S19J Pro machines. The machines will be paid for in periodic instalments before final shipment. The initial deposit will be paid for using the bitcoin miner’s current cash reserves.
Capacity Expansion
The machines are projected to increase Argo’s hashrate by over two exahash and are expected to be delivered and installed at the Texas facility that is currently being built. Delivery and installation is expected in monthly batches from the second quarter of next year, through Q3.
Based on the company’s existing capacity and previous orders, Argo Blockchain's mining capacity is expected to be 1.7 exahash by mid Q4 of this year with the expansion bringing the total mining capacity to 3.7 exahash by the end of Q3 2022.
In a statement to the London Stock Exchange, Argo Blockchain said: “The Company is pleased to continue and strengthen its longstanding relationship with Bitmain.”
At 09:05BST, shares in Argo Blockchain were trading higher by 2.9% at 123.35 pence per share.