Argo Blockchain, the first publicly listed blockchain mining firm that joined the London stock market, has just added 1000 more mining rigs to their existing list of miners. As per reports from the financial news publication ProactiveInvestors, the latest addition will escalate the number of cryptocurrency mining machines to a total of 6000. In addition to this, the company has also shared its plan of adding another 6000 miners within the next two quarters.
Earlier, ProactiveInvestors had reported that the company was already planning on enhancing its mining capabilities after it saw a steep rise in its stocks in the past few months. Argo managed to raise £25mln as it was backed by various high net worth institutions. The company also signed a deal to ramp up its power supply by 357% in August; basically this would be enough power to run an additional 15,000 mining rigs. A farm of that size would be able to reach a hashrate of 1360 petahashes; this could easily make Argo the largest publicly listed miner.
Mining, a profitable business
During the month of July, Argo had reportedly generated 163 Bitcoins which was equivalent to £1.36mln based on the bitcoin price of $10,122 per bitcoin. Mike Edwards, executive chairman of the Argo then said:
“We are pleased with the mining results in July as they demonstrate that we can use our existing investment in people and facilities and add new mining hardware with no increase in staffing and no material increases in non-mining costs, This operational gearing is very important as we triple our mining capacity over the next two quarters with no significant increase in non-mining costs.”
Starting from May, the company’s stocks has soared new highs and has gone up by 192.3%. The stocks that traded at $4.06 are now trading at $11.85 per share. This goes to prove how phenomenal Argo has been in terms of financial turnover both for the traders and for the company itself.
Argo Blockchain has promised more details of its operations in the third-quarter in October.
Argo Blockchain is the only Cryptocurrency mining farm that is publicly listed on the main board of the London Stock Exchange (LSE) and their primary focus is mining cryptocurrencies. The company uses the best mining hardware available in the market, which includes the Antimer S7 from Bitmain, dedicated to mining large amounts of cryptocurrency that can be sold for fiat. The best thing about the company is that they use 100% renewable hydroelectric power which takes it a step ahead of its competitors.