7,000 mining machines now in production

RNS Number : 8712S

Argo Blockchain PLC

11 November 2019

 

PRESS RELEASE

11 November 2019

Argo Blockchain PLC

('Argo' or 'the Company')

7,000 mining machines now in production

Investment in new hardware continues to deliver rapid returns

Argo, a leading enterprise-scale cryptominer based in the UK (LSE: ARB), is pleased to announce that 500 new Bitmain S17 Antminer machines were brought onstream last week, increasing the total number of machines in production to 7,000. 

The new machines are part of Argo's strategy to install and operate a total production base of approximately 17,000 machines by the end of the first quarter of 2020, a more than 140% increase from current levels. The remainder of the 10,000 machines required to achieve that target are already on order and expected to be delivered in batches from early next month.

Argo is also pleased to report that, further to its announcement of 28 August 2019, 1,026 S17 Antminers that commenced production in late May 2019 have achieved a 100% payback on their investment.

Mike Edwards, Executive Chairman of Argo, commented: "Our strategy to make a major investment in new mining hardware this year continues to deliver strong returns. We are also confident that the ongoing expansion of our mining infrastructure will deliver returns in line with our expectations and create long-term value for shareholders." 

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

 

END

 

 

MSCUGGAUGUPBGMR