Argo Blockchain Places $9.5 Million Crypto Mining Hardware Purchase to Setup 17,000 Units
A mining company based in the United Kingdom called Argo Blockchain has recently decided to order 10 million USD worth of mining material, as it plans a significant expansion of its business. According to recent reports, the hash power of the mining firm is set to increase by 240%.
Argo Blockchain decided to buy 10,000 Antminer T17 rigs, which cost over $9.5 million USD. The order is expected to be delivered by December and the company will operate 17,000 mining rigs by this time.
Mike Edwards, an executive from the mining firm, has affirmed that a strong balance sheet allows this kind of investment.
“Our strong balance sheet and cash flow means we can continue to invest to take advantage of favourable industry conditions and position Argo for long-term growth and value creation.”
Argo has been growing significantly recently and the industry conditions are important for its development, so the opportunity to buy more equipment arose. These new miners will be important for their future, as they will put Argo’s mining farm among the top in the world.
Last month, Argo Blockchain added 1,000 new miners to its facilities and was able to close a deal that would increase its electricity supply by around 357%. With all of these improvements, Argo Blockchain is ready to become maybe the largest publicly listed mining company in the world, as it is listed on the London Stock Exchange.
The enhancements that the Argo Blockchain is making are certainly having some positive effects in the market, such as an increase in the stock price, which has gone up by 137% recently.