Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, FRA:0XP, NASDAQ:ARBK, ETR:0XP) told investors it is expanding its Bitcoin mining capacity through an acquisition of extra machines.
The company said it has executed a purchase agreement to buy 20,000 Bitmain Antminer S19J Pro machines which will be paid for in periodic instalments before final shipment. Deliveries are expected to Argo’s future Texas facility in monthly batches starting in the second quarter of 2022 through the third quarter.
It expects the addition of the machines will result in an increase Argo's hashrate by over 2 Exahash – from an anticipated 1.7 exahash in mid-Q4 2021 to around 3.7 by the end of Q3 2022.
“The company is pleased to continue and strengthen its longstanding relationship with Bitmain,” Argo said in a stock market statement.