Argo Blockchain to expand mining capacity, buys 20K Miners from Bitmain

Argo Blockchain has just announced its plans to expand its mining capacity that will more than double its present hashrate. The London-based cryptocurrency mining company hopes to achieve this expansion with the acquisition of 20,000 S19J Pro bitcoin miners from Bitmain. And those miners, which are going to be delivered in several installments, are expected to populate the new facility Argos is planning to build in Texas in 2022.

Argo Blockchain Improves Hashrate

As part of its expansion plans to build a mega facility for mining in West Texas, Argo Blockchain has now announced the purchase of 20,000 mining machines from Chinese manufacturer Bitmain. The machines will be delivered in consecutive installments, and according to purchase agreements, Argo will be able to more than double its present mining capacity.

Although, the exact amount of deposit for the purchase is still undisclosed, the company has revealed that it is being funded with cash reserves. Expectedly, these machines will take Argo to 3.7 exahash for the third quarter of 2022. That is surely a very big bet on the future of Bitcoin as a profitable asset.

Argo Blockchain is definitely not slowing down in its quest to keep expanding its mining capacity. As at February, the company had an estimated 787 petahash. But presently, the company estimates that number to have risen to 1.7 exahash in less than 12 months.

Texas, a New Miner Hub

Argo’s decision to pick Texas as the new location for its upcoming mega-mining center, is not entirely a surprise. Texas has caught the attention of a number of miners ever since the Chinese government’s crackdown on anything crypto-related started. And the reason is not so far-fetched. Texas has relatively cheap power tarrifs for miners because of the configuration of its power market.

Also, Texas has a deregulated power industry, and a lot of players in the game, which means more competition and definitely an advantage for miners.

Argo’s move to Texas follows after another mining firm Blockcap, announced it was moving its headquarters to Texas in a $75 million ASIC purchase deal in April.