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Argo stock jumps as it celebrates Bitcoin mine opening in Texas
Argo Blockchain shares rose as much as 10% after news that its new flagship mine in Texas is ready to generate crypto next week The London-based company has borrowed nearly $100 million from NYDIG in recent months to acquire mining assets for the site Argo Blockchain says its new Texas crypto facility is fully powered and ready to start mining next week. Argo will celebrate the milestone with a ribbon-cutting ceremony at the facility on Thursday afternoon. The company's London-listed shares rose by as much as...
Argo stock jumps as it celebrates Bitcoin mine opening in Texas
- Die Aktien von Argo Blockchain stiegen um bis zu 10 %, nachdem bekannt wurde, dass seine neue Flaggschiff-Mine in Texas nächste Woche bereit ist, Krypto zu generieren
- Das in London ansässige Unternehmen hat in den letzten Monaten fast 100 Millionen US-Dollar von NYDIG geliehen, um Bergbauanlagen für den Standort zu erwerben
Argo Blockchain says its new crypto facility in Texas is fully powered and ready to begin mining next week.
Argo will celebrate the milestone with a ribbon-cutting ceremony at the facility on Thursday afternoon. The company's London-listed shares rose as much as 10% following the announcement and are currently about 7% higher than their previous closing price.
The 320-acre Dickens County property, Helios, will serve as Argo's flagship Bitcoin mining operation. Argo has two smaller facilities in Quebec.
Argo projected Costing up to $2 billion to bring Helios online last November, financed through debt offerings and offloading a portion of the Bitcoins it mines each month.
Word indeed Broke A $70 million loan from crypto services provider NYDIG on Wednesday will see Argo use cash to acquire more mining rigs – bringing the total loan to over $97 million. Argo's market capitalization is around $370 million.
“I am very grateful to everyone involved in the planning and execution of Helios,” CEO Peter Wall said in a statement. “We began construction of the facility in July 2021 and it is a tremendous achievement that the site will begin mining operations in less than 12 months.
The British firm said the 20,000 Bitmain S1PJ Pro mining rigs purchased last September are still being delivered and installed. Argo will continue to receive and install the Bitmain machines in batches between May and October this year, but has not specified how many rigs are already housed at the site.
Argo also signed another act with fellow mining organization Core Scientific in March, with the two companies swapping thousands of ASICs. Argo intends to swap its less powerful Antminer S9s – which were housed at Core Scientific – for more Bitmain S1PJ Pro machines.
Some of Core Scientific's rigs have already been installed and the rest will be delivered and assembled during July. Argo will also be one of the first to receive Intel's new mining chips, which are said to be more efficient than some currently available off-the-shelf ASICs.
Right now, Argo exercises 1.605 exahashes per second (EH/s), which is about 0.7% of Bitcoin's hash rate. Marathon Digital Holdings, the largest crypto mining company by market value, maintained 3.9 EH/s from March – more than double Argo’s current capacity.
Argo says its new site will eventually utilize 800 megawatts (MW) of electricity over the next few years. This would surpass the 750 MW planned to flow through rival Riot Blockchain's Texas Page? site in Rockdale, about 350 miles away.
Argos Helios will initially make do with just 200 MW, a fifth of the targeted energy consumption. The company expects this to increase its total maximum hash rate by 243% to 5.5 EH/s by the end of the year.
In this case, Argo could handle a total hash rate of more than 20 EH/s, which is about 9% of the current capacity of the Bitcoin network.
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The post Argo Stock Jumps as it Celebrates Opening of Texas Bitcoin Mine is not financial advice.