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(Alliance News) - Argo Blockchain PLC on Wednesday said its strategy to make a major investment in new mining hardware has delivered better than expected returns to date.
The cryptocurrency mining services provider said the first phase of the investment programme commenced with the purchase of 1,000 Bitmain Z11 Antminer machines, which were ordered in April and went into production in early May.
On Wednesday, Argo reported that these machines have achieved a 100% payback on their investment, thereby recouping their full cost in under half the time the company had estimated.
Based on current mining margins, Argo said it is well ahead of schedule to recoup the cost of the 2,267 S17 Antminer machines purchased in April and May.
"Our decision to move fast with a major expansion of mining infrastructure is reaping strong returns much earlier than expected. I am confident this strategy will continue to pay off long-term," said Executive Chair Mike Edwards.
Argo shares were trading 6.0% higher in London on Wednesday at 10.33 pence each.