LONDON: Argo Blockchain Plc, a leading enterprise-scale cryptominer based in the UK, announced that 500 new Bitmain S17 Antminer machines were brought onstream last week, increasing the total number of machines in production to 7,000, a press release issued to London Stock Exchange said .
The new machines are part of Argo’s strategy to install and operate a total production base of approximately 17,000 machines by the end of the first quarter of 2020, a more than 140% increase from current levels. The remainder of the 10,000 machines required to achieve that target are already on order and expected to be delivered in batches from early next month.
Argo is also pleased to report that, further to its announcement of 28 August 2019, 1,026 S17 Antminers that commenced production in late May 2019 have achieved a 100% payback on their investment.
Mike Edwards, Executive Chairman of Argo, commented: “Our strategy to make a major investment in new mining hardware this year continues to deliver strong returns. We are also confident that the ongoing expansion of our mining infrastructure will deliver returns in line with our expectations and create long-term value for shareholders.”