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

Crypto miner Argo Blockchain (ARB) plans to start operations at its flagship facility in Texas next week, the company said in a Thursday filing with the London Stock Exchange.

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  • Argo shares jumped as much as 12% to 67.5 pence ($0.84) in London trading as of 8:55 UTC.
  • Helios is set to reach 200 megawatts (MW) of electricity capacity in its first phase of operation, which will increase Argo’s computing power by 243% to 5.5 exahash per second (EH/s), the filing said. In its second phase, Helios will utilize 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 in September 2021 has started, it said. Some units are yet to be delivered and are expected to arrive by October.
  • Installation of another batch of Bitmain S19J Pro mining rigs it obtained through a machine swap with Core Scientific has started and will continue through July, the filing said.

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