In an operational update for May, the cryptocurrency miner said it has invested £146,000 in WonderFi Technologies Inc, a firm focused on bringing DeFi technology to the masses, as part of a wider C$16.4mln (£9.6mln) fundraising. As part of the investment, Argo’s chief executive will also be appointed as an unpaid advisor to WonderFi.
Meanwhile, Argo said during the month it has mined 166 Bitcoin and Bitcoin Equivalent (BTC) compared to 163 BTC in April, bringing the total amount mined in the year to date to 716 BTC.
Based on current crypto prices and foreign exchange rates, the company reported revenue from BTC mining in May amounted to £5.5mln compared to £6.7mln in April, with an average monthly mining margin in May of around 82%. The company ended the month with holdings of 1,108 BTC.
Argo also said during the month it executed a Grid Interconnection Agreement with the Wind Energy Transmission of Texas (WETT) and American Electric Power (AEP) for 200 megawatts at their Helios site in the Panhandle of Texas for its mining facility in the state, which is expected to connect to the Electric Reliability Council of Texas (ERCOT) grid in the first quarter of next year.
The firm said it has also purchased two 90 mega volt amp (MVA) 345 kilovolt (kV) transformers from Pennsylvania Transformer Technology, a key part of the electrical infrastructure for its Texas development, which are scheduled to be delivered to the site in February 2022.
Meanwhile, the company said it has cancelled an order for mining machines with a total processing power of 540 petahash (PH) originally announced in January due to production delays and has received a full refund.
As a result, the firm said it has placed a replacement order of Antminer S19 and S19J machines totalling 530 PH at a competitive price to current market rates, which are expected to be delivered and installed in stages before the end of October. In order to meet the balance of the order, Arog said it has also increased a previous order to 80 PH from 70 PH, delivery of which is scheduled for July.
Combined, the new mining hardware is expected to add around 610 PH to Argo’s operations, bringing its total power to 1.68 exahash by mid-October.
"May has been a busy month. We have continued to deliver strong revenue and as a result, Argo's Bitcoin holding has now surpassed 1,000 BTC. We are also delighted to have signed the Crypto Climate Accord and to have been involved in the creation of the Bitcoin Mining Council. These initiatives have the potential to enact systemic change within our sector and speed up the rate at which miners switch to renewable energy to power their operations. We are also pleased to announce Argo's strategic investment into WonderFi. Access to this emerging sector needs to be democratised and we believe WonderFi is in an excellent position to achieve this", CEO Peter Wall said in a statement.