Agreement to Expand Mining Capacity to 9.5 MW

RNS Number : 2692X

Argo Blockchain PLC

09 August 2018

 

 PRESS RELEASE

9 August 2018

Argo Blockchain PLC

('Argo' or 'the Company')

Argo Expands Mining Capacity to 9.5 Megawatts with Two New Data Centres in Quebec, Canada

Argo, a UK-based provider of cryptocurrency mining services (LSE: ARB), is pleased to announce the signing of a multi-year agreement providing 9.5 Megawatts of clean energy at one of the most inexpensive electricity rates in the world.

The agreement has been signed with GPU.One, a leading Canadian data centre hosting company  specialising in GPU-based server technology,  and covers an initial three years with an option to extend by a further two.

Under the terms of the agreement, Argo will lease two data centres in Quebec, Canada with the capacity to service over 150,000 Subscribers. The contract includes the supply of hydroelectricity at a price of CAD $0.038 (US$0.03) per kilo-watt hour (kWh).

 "We are moving quickly to execute on our growth strategy following the Company's successful IPO and fund-raise last week. With this deal we have now locked in enough leased space at the cheapest electricity costs available to handle our first two years of business plans in Canada." Mike Edwards, President and co-founder of Argo, said.

Both centres will become operational in September and October 2018, and compliment Argo's existing data centre in Quebec, which currently supports 407 subscribers.

Vladimir Plessovskiikh, the CEO of GPU.one, said: "Argo is a leading player in the new and fast-growing global sector of mining as a service. We look forward to working with them and consider this agreement as the beginning of a long-term collaboration."

FOR FURTHER INFORMATION, PLEASE CONTACT:

Argo Blockchain
Jonathan Bixby Executive Chairman Mike Edwards President & Executive Director Neil Thapar Financial Communications Adviser	via Tancredi [phone] [phone]
Mirabaud
Corporate Broker Peter Krens	[phone]
Tancredi Intelligent Communication Media Relations
Georgia Hanias [e-mail] Salamander Davoudi [e-mail]	[phone] [phone]

ABOUT US:

Argo Blockchain plc is a global data centre management business that provides a low-cost, flexible and user-friendly platform for the mining of leading crypto-currencies. Our cloud-based Mining as a Service (MaaS) platform is available at scale to anyone, anywhere on a monthly subscription.  Our platform provides consumers without significant computing expertise or complex and expensive hardware with the opportunity to mine Bitcoin Gold, Ethereum, Ethereum Classic and Zcash. Argo is headquartered in London, UK and operates a state-of-the art data centre in Quebec, Canada. The Company's shares are listed on the main market of London Stock Exchange under the ticker: ARB.

Please visit www.argomining.co for further information.

 

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