Argo Mining Capacity Significantly Expanded

RNS Number : 4359E

Argo Blockchain PLC

04 July 2019

 

PRESS RELEASE

4 July 2019

Argo Blockchain PLC

('Argo' or 'the Company')

                                                Argo Expands Mining Capacity by 129%

Argo, a UK-based provider of enterprise-scale crypto mining services (LSE:ARB), is pleased to announce a major expansion of its mining capacity to support its mining operations of Bitcoin.

The Company has ordered 5,000 Antminer S17s at a total cost of approximately $13.09 million USD, of which 50% is being paid immediately, with the remainder to be paid five days before shipment. The purchase is funded from a combination of cash and cryptocurrency mining assets.

The new hardware is expected to be delivered at the beginning of November and will complement an existing installed base of 7,025 machines. Following installation, the Company's total Bitcoin (BTC) mining capacity will increase by roughly 129% to 505 petahash (PH).

The Company will have a BTC capacity of 220 PH by the end of Q3 when it receives the previously announced 2,500 machines. At the current Bitcoin price of $11,352 USD, the return on investment for the Company's current S17 machines is approximately 4.5 months.

Mike Edwards, Executive Chairman of Argo, said: "This major order with Bitmain is part of our strategy to rapidly scale-up our mining infrastructure as the industry gains momentum from growing institutional interest in this asset class. We have received preferential prices for the new machines and together with other hardware coming on stream, we believe this will make Argo one of the biggest and most efficient mining platforms worldwide. With a 4.5 month ROI on our S17 purchases this June, we're excited to have even more hardware in the pipeline."

For further information please contact:

Argo Blockchain
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
Salamander Davoudi [e-mail]  Emma Valgimigli [e-mail]	[phone] [phone]

About Argo:

Argo Blockchain plc is a global data centre business that provides a purpose-built and flexible platform for mining of leading cryptocurrencies for the enterprise-scale and institutional sectors worldwide from operational centres in Canada. The Company is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB.

www.argomining.co

See Argo's largest facility in Quebec:

https://youtu.be/LDWWaZ75Zbk

 

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