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Argo Blockchain surges as it inks deal to expand electricity supply by 357%

The boost will increase Argo's Bitcoin mining capacity to 1,360 petahash from 505 petahash, making it the world’s largest publicly listed crypto miner

Argo Blockchain - Argo Blockchain surges as it inks deal to expand electricity supply by 357%
Bitcoin mining 'rigs' consume large amounts of electricity

Argo Blockchain PLC (LON:ARB) shares surged on Tuesday as it signed a deal to increase its electricity supply by 357%.

The cryptocurrency miner said on Tuesday that under a deal with Canadian data centre provider GPU.one, its clean power supply will rise to 64 megawatts from 14 megawatts at its data centres in Quebec as well as in Eastern Canada.

READ: Argo Blockchain gets the bitcoin between its teeth

The 50-megawatt boost will allow Argo to run 15,000 more mining machines, taking its Bitcoin mining capacity to 1,360 petahash from 505 petahash, making it the world’s largest publicly listed crypto miner.

The agreement will be funded entirely from the proceeds of Argo’s crypto mining facilities in Quebec.

Mike Edwards, executive chairman of Argo, said the deal was a “major leap” for the firm, adding that the firm was aiming to be the world’s largest and most efficient crypto miner by 2020.

The news sent the shares up 17.6% to 9.4p.

Quick facts: Argo Blockchain PLC

Price: 3.7 GBX

LSE:ARB
Market: LSE
Market Cap: £10.87 m
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