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Argo Blockchain receives 1,058 cryptocurrency miners ahead of schedule

Chief executive Peter Wall highlighted an excellent start to 2021 as the company is boosted by the early shipment of mining machines

Argo Blockchain PLC - Argo Blockchain receives 1,058 cryptocurrency miners ahead of schedule

Argo Blockchain PLC (LON:ARB) has announced that 1,058 cryptocurrency mining machines will be delivered ahead of schedule.

The shipment, comprising S19 and S19 pro miners, is part of the company’s order of 4,500 leased machines which were made in November.

They will be fully installing and hashing by the week of January 25, 2021, which will be three weeks early.

READ: Argo boosts revenue and margin in December

It is expected that the remaining 3,442 machines in the order will be delivered on time and fully operational by mid-February.

"This is great news,” said Peter Wall, Argo chief executive in a statement. “At a time when our mining margins for the first 10 days of January are well over 70%, having these new, efficient machines up and running early will increase our monthly revenues and help to continue to achieve these excellent margins. 2021 is off to a great start."

Argo noted that the new machines will add 103 petahash to the company's current mining capacity of 645, taking the new figure to 748 petahash before the end of January.

Quick facts: Argo Blockchain PLC

Price: 72.89 GBX

Market: LSE
Market Cap: £265.74 m

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