Argo Blockchain PLC (LON:ARB) has installed 1,000 new cryptocurrency mining machines, taking the total number in production to 6,000.

The crypto miner expects to increase its base of machines rapidly, with another 6,000 machines to be installed over the next two quarters.

READ: Argo advances as it swings to first profit since listing

Argo also said it would provide an update on its third-quarter operations in October.

Crypto mining machines are powerful computer processors that solve mathematical equations to validate transactions on the blockchain, an electronic record book for transactions, after which operators are rewarded with cryptocurrency such as Bitcoin.