The cryptocurrency miner has replaced an order for 5,000 Antminer S17s, which would have cost US$13.09mln, with an order for 10,000 Antminer T17s costing US$9.51mln.
A US$6.5mln down payment for the original order will be transferred to the new one, Argo said, while the remaining balance of around US$3mln will be funded through the firm’s existing cash reserves.
The new order brings the total number of machines awaiting delivery to 10,500, which Argo expects to be delivered in batches from early December. Once installed, the firm will have 17,000 mining machines in operation, increasing its capacity by 240%.
Mike Edwards, executive chairman of Argo, said the amended order represented a “significant expansion” of the company’s mining infrastructure, adding that the switch to T17s from S17s will increase its output considerably.
“Our strong balance sheet and cash flow means we can continue to invest to take advantage of favourable industry conditions and position Argo for long-term growth and value creation”, he said.
In mid-morning trading on Wednesday, Argo’s shares were 1.8% lower at 7.4p.
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