Argo Blockchain Signed A Bitcoin Mining Agreement

Argo Blockchain signed a Bitcoin mining agreement. Argo Blockchain will receive 20,000 of Bitmain's Antminer S19J Pro machines.

Cryptocurrency mining firm Argo Blockchain, a company that has seen a significant rise this year and is listed on the London stock exchange, has signed an agreement with the Chinese company to purchase 20,000 units of Bitmain's Antminer S19J Pro machines. With the new purchases, Argo's hash rate will increase by 2 exahash and reach 3.7 exahash. The new devices are expected to be fully operational in the third quarter of 2022. While no information was given about how much Bitmain will be paid for the devices, it was noted that Argo will cover the cost from its cash reserves. In the state of Texas, which is one of the most preferred regions of cryptocurrency miners in the USA, a significant increase was observed in this sector, especially after the Chinese bans. Argo, which will establish a data center in Texas, which is one of the important regions in terms of both fossil fuels and renewable energy, purchased the land of this place in March. The London-based company secured the funding of these large operations by obtaining two loans, one for $20 million and the other $25 million, from Galaxy Digital, headed by Mike Novogratz.