Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) announced it signed a fleet swap agreement with Core Scientific Inc, the blockchain infrastructure provider.
As part of the agreement, Argo will exchange its Bitmain Antminer S19 series bitcoin mining fleet hosted at Core for S19J Pro bitcoin miners, which was “previously ordered by Core to be delivered directly to Argo’s new Helios facility,” according to a statement.
The cryptocurrency mining company adds that the fleet swap represents roughly 60% of its mining capacity and that it will reduce its operational expenses.
Core will deliver the S19J Pro machines to the Helios facility in Texas, with Argo assigning its existing fleet to Core.
The statement adds that, to mitigate any loss of hashrate, the swap will occur in stages between May and July this year.
Upon completion, Argo will no longer have any machines hosted at third-party facilities, as well avoiding the “logistical challenge and downtime associated with relocating its existing machines.”
"The agreement with Core marks the final step towards our strategic objective of owning and operating all our miners, a path which we chose to pursue in 2020,” said Argo chief executive Peter Wall.
“This agreement allows us to upgrade our existing fleet and strengthen our mining infrastructure, while greatly reducing the operational risk of relocating between facilities,” Wall added.
Shares in Argo were up 1.63% in morning trading, changing hands at 64p.