Crypto mining firm Argo Blockchain installs 1,000 new rigs

Publicly-listed cryptocurrency mining company Argo Blockchain plc has announced it has installed 1,000 new mining rigs, in a significant boost to capacity expected to help drive growth in revenue.

The new hardware takes the total number of mining rigs controlled by the firm to 6,000, with plans to acquire a further 6,000 machines over the next two quarters.

The London-listed firm, which trades under the ARB ticker, has an agreement in place that boosts available electricity supply by 357%, sufficient to power a total of 15,000 rigs.

The move comes at a time of rapid expansion for the firm as it looks to build on its position as an emerging market leader in mining crypto. According to reports from Argo, the firm intends to publish more comprehensive growth plans next month.

Should Argo expand to the full 15,000 rigs covered by their energy supply, its total hash rate would reach 1,360 peta hashes, larger than any other listed mining firm.

This coincides with a growth in share price of 192% since May, up to $11.85 from $4.06, reflecting the scale of the expansion, both in hardware and the revenues generated from its crypto-mining activity.

Total all-time revenue from crypto mining stands at $14 billion, a figure calculated over the last 10 years of crypto mining activity. With firms such as Argo Blockchain at the forefront of the listed sector, the latest expansion is expected to grow the company’s capacity, at a time of ongoing growth in the mining sector.

Argo Blockchain became the first crypto mining company to be listed in London back in August 2018, and has since won support from institutions for its mining as a service model, raising £25 million at the time from institutions and individual investors.