Argo To Boost Crypto Mining Capacity By 75% With 3,600 New Bitmain Antminer T17 Machines

Argo Blockchain, a UK based company offering crypto mining services, has received 3,616 latest Bitmain machines that are under installation and will become operational by Jan. 10, 2019. The Bitmain machines will raise the company’s mining capacity by about 75%.

Argo Blockchain which is listed in London Stock Exchange (LSE) also stated that plans are underway to have 6,384 extra computer machines installed to enhance its aggregate mining volume by about 204% by March-end 2020. The company said that it has already made an order for the extra machines and will be delivered before the end of the month.

The firm also announced a shakeup on the top management with Peter Wall, operations vice president, being promoted to become the new CEO. the firm added that Wall has been a crypto miner for a long time. Wall is also one of the pioneer founders of the firm. The appointment will take effect immediately.

The firm’s executive chair, Mike Edwards stated that Wall has extensive knowledge of the company and has extensive experience in mining cryptos which are vital aspects to guide the firm to the next level.

Recently, Argo stated that it aims at becoming the biggest publicly traded crypto-miner in the world before the end of 2020. To achieve this objective Argo has enhanced its electricity capacity from 14 to 64 megawatts.

The firm also announced that Gil Penchina, a non-executive director, will no longer be a member of the board and Ian Macleod will succeed him. Macleod previously worked as corporate secretary in Teligence, a Canadian-based social network.

Argo was able to raise more than $32 million during its IPO that was conducted in August last year on the LSE.

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