Argo Blockchain, a London-based cryptocurrency mining company, has announced plans to increase its mining capacity to more than double its current hashtag. The 20,000 S19J Pro from Bitman will be expanded through the acquisition of Bitcoin Mining, which will be distributed in different installments. These mines will create the facilities that the company plans to build in Texas next year.
Argo extends the blockchain hashrate
London-based crypto mining company Argo Blockchain has announced the purchase of 20,000 mining machines to increase its capacity. This is part of the company’s planned expansion in West Texas, where it will create a mega-mining facility. The mining machines will be supplied by Chinese manufacturer Bitman in consecutive installments.
The purchase agreement will allow Argo to more than double its current mining capacity, which will take it to 3.7XH for Q3 322, putting a big bet on the future of Bitcoin as a network and a profitable asset. Although the amount of the initial deposit for the purchase was not disclosed, the company said it was being financed with cash reserves.
The Argo blockchain has accelerated in expanding its mining capabilities. In February, it was estimated that the company had 787 petahas. Now the company estimates that number has reached 1.7x in less than a year.
Texas, a new mining mecca
It is not strange that Argo has chosen Texas as the new destination of its upcoming mega-mining center. Texas has been a hotbed of miners this year after the Chinese government imposed a cryptocurrency mining ban in several key provinces earlier this year. The main feature that Texas presents to miners is its relatively inexpensive electricity tariffs due to its electricity market configuration.
Texas has an uncontrolled power industry with lots of players, which allows for more competition, and miners plan to take advantage of it in the future. In fact, Argo is one of the mining companies that has unveiled plans to build a mining facility in Texas. In April, mining firm Blockcap announced that it was relocating its headquarters to Texas amid a 75 million ASIC purchase.
Another large cryptocurrency mining firm, Riot Blockchain, bought Huinstone, a leading Bitcoin mining center in Texas, for 650 million.
What do you think of Argo Blockchain’s plans to set up a cryptocurrency mining firm in Texas? Tell us in the comments section below.
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