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Argo Blockchain increases number of crypto mining machines to 7,000

The cryptocurrency miner is planning to increase its production base to 17,000 by the end of the first quarter of 2020, with 10,000 more machines currently on order

Argo Blockchain Plc - Argo Blockchain increases number of crypto mining machines to 7,000
1,026 machines installed in May have already achieve full payback on their investment

Argo Blockchain Plc (LON:ARB) says the number of cryptocurrency mining machines in production at its facilities has now reached 7,000.

Another 10,000 machines are currently on order and are expected to be delivered in batches from early December, with Argo planning to increase its production base to 17,000 by the end of the first quarter of 2020.

READ: Argo Blockchain to receive 10,000 crypto mining machines following expanded order

Meanwhile, 1,026 S17 Antminer machines, which began production at the end of May, had achieved full payback on their investment.

"Our strategy to make a major investment in new mining hardware this year continues to deliver strong returns”, said Mike Edwards, Argo’s executive chairman.

He added that the firm was confident that the ongoing expansion “will deliver returns in line with our expectations and create long-term value for shareholders”.

Quick facts: Argo Blockchain PLC

Price: 5.6 GBX

LSE:ARB
Market: LSE
Market Cap: £16.45 m
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