Argo Blockchain to Build Intel-Based Bitcoin Mining Rigs With ePIC Blockchain

The partnership is an extension of a 2021 deal in which Argo agreed to buy $8 million worth of ePIC's miners.

AccessTimeIconJun 7, 2022 at 2:13 p.m. UTC
Updated Jun 7, 2022 at 3:08 p.m. UTC

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

Argo Blockchain (LSE: ARB) will work with ePIC Blockchain, a Canadian blockchain hardware manufacturer, to design and build crypto mining rigs using Intel's new second-generation bitcoin mining chips, Argo said Tuesday.

The announcement comes as Argo's stock has been sliding on the London Stock Exchange over the past six months, with other publicly-traded miners experiencing a similar downturn as bitcoin has declined sharply in value and margins have tightened. Even though Argo upgraded its hashrate outlook for the year in April, it saw a 25% drop in bitcoin mined in May.

The ePIC partnership is an extension of a 2021 deal in which Argo Blockchain agreed to buy $8 million worth of ePIC's mining rigs, CEO Peter Wall said in a taped message posted on Argo's YouTube channel on Tuesday.

Wall compared building custom mining machines to buying a Dell computer as opposed to an Apple MacBook, saying it's cheaper on a dollar per terahash basis and allows Argo to have granular control of the rigs.

"It's a game changer," the CEO said in the video.

Intel's mining semiconductors could break an effective duopoly on the mining rig market in which two manufacturers – Bitmain and MicroBT – reign supreme.

Block (SQ), Griid Infrastructure and Hive Blockchain (HIVE) are set to be the first customers for Intel's new mining chips.

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

CoinDesk - Unknown

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