Argo Blockchain, a London-based cryptocurrency mining company, has announced an expansion of its mining capacity that will more than double its current hashrate. The expansion will be done through the acquisition of 20,000 S19J Pro bitcoin miners from Bitmain, which will be delivered in several installments. These miners will populate the facility the company plans to build in Texas next year.
Argo Blockchain Expands Hashrate
Argo Blockchain, a London-based crypto mining company, has announced the purchase of 20,000 mining machines to expand its capacity. This is part of the planned company expansion to West Texas, where it will build a mega-mining facility. The mining machines will be provided by Chinese manufacturer Bitmain in consecutive installments.
This purchase agreement will allow Argo to more than double its current mining capacity, taking it to 3.7 exahash for Q3 2022, betting big on the future of Bitcoin as a network and a profitable asset. While the amount of the initial deposit for the purchase was not revealed, the company stated that it is being funded with cash reserves.
Argo Blockchain has been quick in expanding its mining capacity. In February, it was estimated that the company had 787 petahash. Now the company estimates this number to have risen to 1.7 exahash in less than a year.
Texas, a New Miner Mecca
It is not strange that Argo picked Texas as the new destination for its upcoming mega-mining center. Texas has been in the sights of miners this year as a destination to settle after the Chinese government declared a cryptocurrency mining ban in several key provinces earlier this year. The key trait that Texas presents to miners is its relatively cheap power tariffs, due to the configuration of its power market.
Texas has a deregulated power industry with lots of players in the game, which allows for more competition, and miners plan to take advantage of this in the future. In fact, Argo is just one of the mining companies that have revealed plans to build mining facilities in Texas. In April, mining firm Blockcap announced it was relocating its headquarters to Texas in the midst of a $75 million ASIC purchase.
Riot Blockchain, another big cryptocurrency mining firm, bought Whinstone, an in-progress bitcoin mining center also in Texas, for $650 million.
What do you think about Argo Blockchain’s plans of establishing a cryptocurrency mining farm in Texas? Tell us in the comments section below.
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Argo Blockchain, a London-based cryptocurrency mining firm, has introduced an growth of its mining capability that can greater than double its present hashrate. The growth will likely be accomplished by way of the acquisition of 20,000 S19J Professional bitcoin miners from Bitmain, which will likely be delivered in a number of installments. These miners will populate the ability the corporate plans to construct in Texas subsequent yr.
Argo Blockchain Expands Hashrate
Argo Blockchain, a London-based crypto mining firm, has introduced the acquisition of 20,000 mining machines to increase its capability. That is a part of the deliberate firm growth to West Texas, the place it’ll construct a mega-mining facility. The mining machines will likely be supplied by Chinese language producer Bitmain in consecutive installments.
This buy settlement will enable Argo to greater than double its present mining capability, taking it to three.7 exahash for Q3 2022, betting huge on the way forward for Bitcoin as a community and a worthwhile asset. Whereas the quantity of the preliminary deposit for the acquisition was not revealed, the corporate acknowledged that it’s being funded with money reserves.
Argo Blockchain has been fast in increasing its mining capability. In February, it was estimated that the corporate had 787 petahash. Now the corporate estimates this quantity to have risen to 1.7 exahash in lower than a yr.
Texas, a New Miner Mecca
It’s not unusual that Argo picked Texas as the brand new vacation spot for its upcoming mega-mining heart. Texas has been within the sights of miners this yr as a vacation spot to settle after the Chinese language authorities declared a cryptocurrency mining ban in a number of key provinces earlier this yr. The important thing trait that Texas presents to miners is its comparatively low-cost energy tariffs, as a result of configuration of its energy market.
Texas has a deregulated energy business with a lot of gamers within the sport, which permits for extra competitors, and miners plan to benefit from this sooner or later. In actual fact, Argo is simply one of many mining corporations which have revealed plans to construct mining services in Texas. In April, mining agency Blockcap introduced it was relocating its headquarters to Texas within the midst of a $75 million ASIC buy.
Riot Blockchain, one other huge cryptocurrency mining agency, purchased Whinstone, an in-progress bitcoin mining heart additionally in Texas, for $650 million.
What do you consider Argo Blockchain’s plans of building a cryptocurrency mining farm in Texas? Inform us within the feedback part beneath.
Picture Credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This text is for informational functions solely. It’s not a direct provide or solicitation of a proposal to purchase or promote, or a advice or endorsement of any merchandise, providers, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, immediately or not directly, for any harm or loss prompted or alleged to be attributable to or in reference to the usage of or reliance on any content material, items or providers talked about on this article.