The AIM-listed firm said it had spent US$474,000 on the new mining units, which have been added to 1,000 Bitmain Z11 that it currently has in production and are now running at full capacity.
Argo said the purchase was funded through a combination of cash from its operations and arm’s length financing, adding that it had selected Z11s rather than newer Z15s due to what it said was “the lower price and better value”, its favourable outlook on Equihash algorithm cryptocurrencies, and the “excellent performance” of its existing Z11s.
Based on what it said were conservative projections of mining difficulty rates and current cryptocurrency prices, Argo expected to recoup the cost of the investment in around eight months.
"We firmly believe that cryptocurrencies are well-positioned to become an even larger asset class, and that the correct strategy is continued investment in mining infrastructure. Argo's existing fleet of Z11s have performed extremely well, and we are pleased to add more equihash mining capacity to our fleet of machines", said chief executive Peter Wall.