Argo Blockchain, a London-based cryptocurrency mining company, has announced an expansion of its mining capacity that will more than double the current hash rate. The expansion will be through the acquisition of 20,000 S19J Pro bitcoin miners from Bitmain, which will be delivered in several installments. These miners will work on the facility the company plans to build in Texas next year.
Argo Blockchain Expands Hashrate
Argo Blockchain, a London-based digital mining company, has announced the purchase of 20,000 miners to expand its capacity. This is part of the company’s planned expansion into West Texas, where it will build a massive mining facility. The mining machines will be provided by the Chinese company Bitmain in consecutive installments.
This purchase agreement will allow Argo to double its current mining capacity to more than 3.7 exahash in the third quarter of 2022, placing a big bet on Bitcoin’s future as a network and profitable asset. While the initial deposit amount for the purchase was not disclosed, the company stated that it is being funded with cash reserves.
Argo Blockchain has been quick to expand its mining capacity. In February, it was estimated that the company had a 787 baht. The company now estimates that this number has risen to 1.7 exahs in less than a year.
Texas, a new miner in Mecca
It’s no surprise that Argo chose Texas as the new destination for its next mega mining hub. Texas has been on the eyes of miners this year as a destination for stability after the Chinese government announced a ban on cryptocurrency mining in several major counties earlier this year. The main feature that Texas offers to miners is its relatively cheap energy prices, given the composition of its power market.
Texas has an unregulated energy industry with a lot of players in the game, allowing for more competition, and miners plan to take advantage of that in the future. In fact, Argo is just one of the mining companies that has revealed plans to build mining facilities in Texas. In April, the Blockcap miner announced that it would move its headquarters to Texas in the midst of a $75 million purchase of ASIC.
Riot Blockchain, another large cryptocurrency mining company, has purchased Whinstone, a Bitcoin mining hub also in progress in Texas, for $650 million.
What do you think of Argo Blockchain’s plans to set up a cryptocurrency mining farm in Texas? Tell us in the comments section below.
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