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(Alliance News) - Argo Blockchain PLC on Wednesday said it has altered and expanded its cryptocurrency mining equipment order from Bitmain.
Argo's order with Bitmain, a "leading supplier", was for 5,000 Antminer S17s at a cost of USD13.1 million. However, this has been replaced with a new order for 10,000 Antminer T17s at a cost of USD9.5 million.
Argo has already made a USD6.5 million down payment on the original order which "will be applied against this amended order". The outstanding balance of the amended order can be funded using Argo's existing cash resources.
At present, Argo has now ordered 10,500 cryptomining machines, including a previous order for 500 Antminer S17s now awaiting delivery. The newly ordered machines are likely to be delivered to Argo in batches starting December, taking Argo's total number of machines to 17,000 or 640 petahash - between 2 and 2.5 times existing capacity.
Hash rate is the speed at which a computer completes a cyptocurrency code operation, or hash, in a single second with a kilohash representing 1,000 hashes, a megahash 1,000 kilohashes, and a terahash being 1,000 megahashes. A petahash is 1,000 terahashes.
"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 company said.
Executive Chair Mike Edwards 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."
Shares in Argo were up 0.3% at 7.57 pence in London on Wednesday afternoon.
By Anna Farley; annafarley@alliancenews.com
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