logo-loader
viewArgo Blockchain Plc

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: 6.2 GBX

LSE:ARB
Market: LSE
Market Cap: £18.21 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Argo Blockchain Plc named herein, including the promotion by the Company of Argo Blockchain Plc in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Investor Update: I3 Energy hails Serenity well discovery in North Sea

Headlines from the Proactive UK Newsroom. I3Energy (LON:I3E) has reported a discovery from its Serenity well in the North Sea. Describing it as transformational, I3 said the well results were consistent with its pre-drill estimates of 197 million barrels of oil in place on the...

2 weeks, 3 days ago

2 min read