Argo Blockchain Purchases 20K Miners From Bitmain for Future Mining Center in Texas
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 20,0...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
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 HashrateArgo 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 MeccaIt 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.
Why this matters
This mining story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Bitcoin NewsRelated market context
FutureBit’s Apollo III Bitcoin Miner Hits Micro Center Shelves in Its First Brick-and-Mortar Launch
Bitcoin Magazine FutureBit’s Apollo III Bitcoin Miner Hits Micro Center Shelves in Its First Brick-and-Mortar Launch FutureBit is...
Futurebit Bitcoin Mining Rigs Hit Retail Stores as Solo Miners Keep Winning Big
Bitcoin mining hardware is heading to retail store shelves as Futurebit partners with electronics retailer Micro Center to sell it...
Bitcoin miners pay Paraguay $350 million a year, but AI is pushing them out
Contracts that sell power to a 4% slice of the world’s bitcoin mining at $44 a megawatt-hour expire on Dec. 31, 2027. Paraguay’s s...
Bitcoin Price Trades Near $71,200 After a Fresh Session Low as the 10-Year Yield Holds Above 5%
Bitcoin Magazine Bitcoin Price Trades Near $71,200 After a Fresh Session Low as the 10-Year Yield Holds Above 5% Bitcoin price tra...
Bitcoin Price Today: Negative Funding Rates Signal Growing Bearish Bets as BTC Nears $68K
The latest data presents a mixed picture, however, as Hyperliquid whales have returned to net-long positions despite deteriorating...
Ethereum Dancing on Two Fronts as Quantum Upgrade Advances and Treasury Leverage Bites
Ethereum developers want to upgrade the network to be quantum-ready by 2027, potentially accelerating one of its biggest security...