Argo Blockchain Installs New Bitmain Machines to Level Up Mining Capacity

Digital currency miner Argo Blockchain is putting in new 3,616 Bitmain machines to build its mining capacity by 75%. 

Revealing the news on January 2, the London Stock Exchange (LSE)-listed company stated the new Bitmain Antminer T17 machines are slated to be operational by January 10. These machines represent 159 petahash (PH), a jump of 75% from Argo’s current installed base of mining machines, it further said.

Looking forward, the company intends to install 6,384 additional machines to increase its entire mining capacity by 204% before the end of the first quarter of 2020.

Argo has also promoted its VP of operations, Peter Wall, to CEO. Peter himself is a cryptocurrency miner, according to the announcement.

“[Wall’s] knowledge of Argo and his broad and deep experience in cryptomining will serve the Company well as it moves into its next phase of growth,” said Mike Edwards, executive chairman and co-founder of Argo.

The company recently stated that it aims to turn into “the world’s largest publicly-listed crypto miner by 2020.” To that end, it additionally increased its electricity from 14 megawatts to 64 megawatts.

Argo secured around $32.5 million by means of an initial public offering (IPO) held on the LSE last August. The company endured a pre-tax loss of around $5 million in 2018.