Argo Blockchain Plans to start Operations at its Flagship Facility

In a Thursday filing with the London Stock Exchange, Argo Blockchain (ARB), a cryptocurrency miner, announced that it aims to begin operations at its flagship site in Texas next week. As of 8:55 UTC, Argo shares had risen as much as 12 percent to 67.5 pence ($0.84) in London trade. We are thrilled to announce the energization and opening of Helios, our flagship Bitcoin mining facility in Dickens County, Texas! ⚡⚡⚡ Thanks to everyone who helped to make this possible. Yeeeeeehaw! 🤠#ARB $ARBK pic.twitter.com/gIUIfv5z2o — Argo (@ArgoBlockchain) May 5, 2022 In its initial operation phase, Helios is expected to generate 200 megawatts (MW), increasing Argo’s computational power by 243 percent to 5.5 exahash per second (EH/s), according to the application. Helios will use an extra 600MW in its second phase to reach 20 EH/s. Argo declined to say when or at what capacity the mine will begin operations. According to a spokeswoman, “most of that information has to come through market disclosure.” It announced that the delivery and installation of the 20,000 Bitmain S19J Pro mining machines it purchased in September 2021 had begun. Some units have yet to be delivered, but they should be here by October. According to the filing, installing a new batch of Bitmain S19J Pro mining rigs received through a machine swap with Core Scientific has begun and will continue through July. Argo Blockchain Borrowed $70.6 Million Argo Blockchain (is borro...