Argo Blockchain to Open Flagship Texas Mining Facility Next Week, Shares Rise
The stock was up 12% on the London Stock Exchange.
May 5, 2022 at 9:11 a.m. UTCUpdated May 11, 2023 at 4:20 p.m. UTC
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Crypto miner Argo Blockchain (ARBK) plans to start operations at its flagship facility in Texas next week, the company said in a Thursday filing with the London Stock Exchange.
- Argo shares jumped as much as 12% to 67.5 pence ($0.84) in London trading as of 8:55 UTC. The company's American depositary receipts trade on Nasdaq.
- Helios, Argo's mining center located in Dickens County, is set to reach 200 megawatts (MW) of electricity capacity in its first phase of its operation, which would increase Argo's computing power by 243% to 5.5 exahash per second (EH/s), the filing said. In its second phase, Helios will use an additional 600MW to reach 20 EH/s.
- Argo declined to specify the day the mine will start operating and at what capacity. "Much of that information has to come through market disclosure,” a spokesperson said.
- Delivery and installation of the 20,000 Bitmain S19J Pro mining machines it bought last September has started, Argo said. Some units haven't been delivered yet and are expected to arrive by October.
- Installation of another batch of Bitmain S19J Pro mining rigs Argo obtained through a machine swap with Core Scientific (CORZ) has started and will continue through July, the filing said.
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Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.