Argo Blockchain to Open Flagship Texas Mining Facility Next Week, Shares Rise

The stock was up 12% on the London Stock Exchange.

AccessTimeIconMay 5, 2022 at 9:11 a.m. UTC
Updated May 5, 2022 at 2:22 p.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.