Argo Blockchain Mining Company Plugs In 1,000 New Mining Rigs, Bringing Total to 6,000 Units
The crypto mining company Argo Blockchain recently installed 1,000 mining machines on its Bitcoin mining facilities. According to reports, these new machines will take the current number of miners up to 6,000. It was also revealed that the company is already planning to buy 6,000 more miners in the next two quarters.
Argo Blockchain is a publicly-traded company and it has stocks available on the London Stock Exchange. The company's stock has grown 192% in price since May. At the moment, it is being traded at around $11.85 USD per share while the price was around $4.05 USD per share at the beginning of May.
According to the reports, the company is set to increase its electricity supply as well to power the new machines which are being acquired. If the company succeeds in it's plans to have a total of 15,000 mining machines, it will become the largest mining company in the world with a total hash rate of 1,360 Peta hashes.
Bitcoin mining has been quite a profitable activity lately. While many miners had to shut down their business in 2018, most of them are back in the game this year. In fact, the global hash rate keeps going up. This means that the difficulty of mining increases as well and that the miners have to buy more rigs.
Fortunately, it also has a correlation with prices. The more people there are mining BTC, the higher the price of the asset tends to be.