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7,000 mining machines now in production

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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 +44 203 434 2334

 

 

+44 7876 455323

Mirabaud


Corporate Broker

Peter Krens

+44 203 167 7221

Tancredi Intelligent Communication

Media Relations


Salamander Davoudi

[email protected]

    

 Emma Valgimigli

[email protected]

+44 7957 549 906

 

 

+44 7727 180 873

 

 

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

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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