Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksArgo Blockchai. Regulatory News (ARB)

Share Price Information for Argo Blockchai. (ARB)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 13.50
Bid: 13.00
Ask: 14.00
Change: 2.00 (17.09%)
Spread: 1.00 (7.692%)
Open: 12.25
High: 13.70
Low: 11.50
Prev. Close: 11.70
ARB Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Major expansion of capacity on new ASIC platform

6 Sep 2018 07:00

RNS Number : 8844Z
Argo Blockchain PLC
06 September 2018
 

PRESS RELEASE

 

6 September 2018

 

Argo Blockchain PLC

('Argo' or 'the Company')

 

 

 

Argo ramps up mining platform for mass roll-out of mining service 

 

Argo, a UK-based provider of cryptocurrency mining services (LSE: ARB), is pleased to announce a major expansion of its mining capacity on a new technology platform to support the mass roll-out of its mining-as-a-service later this month. 

 

The enlarged capacity will complement the Company's existing infrastructure based on GPU systems and follows recent new advances in ASIC server technology which for the first time enables the mining of alt-currencies at scale.

 

The new hardware for this expansion is currently on order and expected to arrive shortly at the company's two data centres in Quebec, Canada. Upon installation, it will boost Argo's capacity to support 3,000 new subscribers, a more than seven-fold increase from its existing installed capability.

 

The Company will be one of the first mining-as-a-service (MaaS) companies in the world to deploy this new ASIC technology. The new platform will also offer Argo greater flexibility to introduce a wider choice of cryptocurrencies to subscribers in due course. The Company presently supports the mining of the following altcoins: Bitcoin Gold, Ethereum, Ethereum Classic and Zcash.

 

Other significant benefits of the new platform include:

● Highly efficient hashrate processing efficiency - up to 7x improvement over the best available GPU hardware

● Reduced capital expenditure, as more efficient processing requires less hardware

● Significantly lower electricity consumption and energy costs

● Potentially lower cash burn and improved cash-flow

 

Argo anticipates that the new platform will be installed and ready for the onboarding of new subscribers from late September, in line with the phased service roll-out plans set out in Argo's IPO prospectus. The Company has a waiting list of more than 50,000 potential users who have registered on its website at present.

'Recent advances in ASIC-based servers have dramatically improved the efficiency of mining alt-currencies with this technology, which has only become available in the past few weeks. This is a potentially game-changing development and we want to be early movers in deploying this hardware to ensure that we provide the most up-to-date, efficient and competitive service for our customers as well as create long term value for our shareholders,' Mike Edwards, President and co-founder of Argo, said.

 

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

Argo Blockchain

 

Jonathan Bixby

Executive Chairman

Mike Edwards

President & Executive Director

Neil Thapar

Financial Communications Adviser

via Tancredi +44 207 887 7633

 

 

 

 

 

+44 (0) 7876 455323

Mirabaud

 

Corporate Broker

Peter Krens

 

+44 203 167 7221

Tancredi Intelligent Communication

Media Relations

 

Georgia Hanias

georgia@tancredigroup.com

Salamander Davoudi

salamander@tancredigroup.com

+44 7812 211 403

 

 

+44 7957 549 906

 

 

Notes to Editors:

About ASICs : 

An Application Specific Integrated Circuit (ASIC) is a type of semiconductor used in purpose-built computing hardware for the mining of cryptocurrencies, whereas Graphic Processing Unit (GPU) chips are repurposed for use in mining hardware. Until recently, ASIC-based hardware was only capable of mining a very limited number of cryptocurrencies, notably Bitcoin. Recent advances in ASIC architecture now allow an algorithm to be used for mining multiple altcoins delivering more choice for miners and improved efficiency.

 

About Us:

Argo Blockchain plc is a global data centre management business that provides a low-cost, flexible and user-friendly platform for the mining of leading cryptocurrencies. Argo's cloud-based Mining as a Service (MaaS) platform is available at scale on a monthly subscription. Our platform currently provides consumers without significant computing expertise or complex and expensive hardware with the opportunity to mine Bitcoin Gold, Ethereum, Ethereum Classic and Zcash. Argo is headquartered in London, UK and operates state-of-the art data centres in Quebec, Canada. The Company's shares are listed on the main market of London Stock Exchange under the ticker: ARB.

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
UPDKMGGLZKGGRZM
Date   Source Headline
28th Mar 20247:00 amRNSClosing on Sale of Mirabel / TVR
5th Mar 20247:00 amRNSSale of Mirabel Quebec Data Center & Feb Op Update
5th Feb 20247:00 amRNSArgo January Operational Update
31st Jan 20247:00 amRNSAllotment of New Shares and Total Voting Rights
8th Jan 20247:30 amRNS£7.8 million ($9.9 million) Placing
8th Jan 20247:00 amRNSDecember Update/Management Change/Share Allotment
29th Dec 20237:00 amRNSTotal Voting Rights & Share Capital
15th Dec 20237:00 amRNSAllotment of New Shares
4th Dec 20237:00 amRNSNovember Monthly Operational Update
27th Nov 20237:00 amRNSAppointment of CEO and PDMR Notification
14th Nov 20237:00 amRNSQ3 2023 Results
9th Nov 20237:00 amRNSNotice of Q3 2023 Results
3rd Nov 20237:05 amRNSOctober Operational Update
5th Oct 20237:00 amRNSSeptember Operational Update
8th Sep 20237:00 amRNSAugust Operational Update
29th Aug 20237:20 amRNSInterim Half Year Results 2023
23rd Aug 20237:00 amRNSNotice of Q2 2023 Results
4th Aug 20237:00 amRNSJuly Operational Update
31st Jul 20237:00 amRNSShare Capital and Total Voting Rights
19th Jul 20237:00 amRNSResult of Placing
18th Jul 20236:18 pmRNSPrimaryBid Offer
18th Jul 20235:55 pmRNSProposed Placing Retail Offer New Ordinary Shares
12th Jul 20237:00 amRNSJune Operational Update
3rd Jul 20237:00 amRNSResult of Annual General Meeting
7th Jun 20231:00 pmRNSNotice of Annual General Meeting
7th Jun 20237:00 amRNSMay Operational Update
6th Jun 20237:00 amRNSQ1 2023 Results
1st Jun 20237:00 amRNSNotice of Q1 2023 Results
4th May 20237:00 amRNSApril Operational Update
28th Apr 20237:00 amRNS2022 Full Year Results
21st Apr 20237:00 amRNSNotice of 2022 Full Year Results
4th Apr 20237:00 amRNSAppointment of CFO & March Operational Update
29th Mar 20232:05 pmRNSSecond Price Monitoring Extn
29th Mar 20232:00 pmRNSPrice Monitoring Extension
24th Mar 20237:00 amRNSGrant of Equity Awards and PDMR Notifications
20th Mar 202311:05 amRNSSecond Price Monitoring Extn
20th Mar 202311:00 amRNSPrice Monitoring Extension
13th Mar 20234:35 pmRNSPrice Monitoring Extension
13th Mar 20234:05 pmRNSUpdate SVB, Silvergate Bank and Signature Bank
10th Mar 202311:05 amRNSSecond Price Monitoring Extn
10th Mar 202311:00 amRNSPrice Monitoring Extension
7th Mar 20237:00 amRNSFebruary Operational Update
9th Feb 20237:00 amRNSDirectorate Change
8th Feb 20237:00 amRNSJanuary Operational Update
2nd Feb 20237:00 amRNSChange of Company Secretary and Office Address
1st Feb 20237:00 amRNSChange in Executive Management
23rd Jan 20239:05 amRNSSecond Price Monitoring Extn
23rd Jan 20239:00 amRNSPrice Monitoring Extension
23rd Jan 20237:00 amRNSRegained Compliance with Nasdaq
16th Jan 20239:05 amRNSSecond Price Monitoring Extn

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.