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Argo Blockchain PLC is increasing its crypto mining capacity

Argo Blockchain PLC is about to add new 1,295 S19 and S19 Pro mining machines The latest addition of mining equipment will increase the firm’s mining capacity by approximately 127 petahash Argo has plans to increase the capacity to 1,685 petahash Argo’s share is having a direct relation with the price of Bitcoin

Argo Blockchain PLC, a United Kingdom-based crypto mining firm, has announced plans to add new mining equipment this week. The miners mining operations are based in North America, with the largest facility in Quebec and Canada. According to the firm, 1,295 S19 and S19 Pro machines were added onstream this week. It is expected that the machines will add an approximate figure of 127 Petahashes to the firm’s existing fleet. It is also known that the firm had placed the orders of the machines back in November last year. 

Argo Blockchain PLC is increasing its crypto mining capacity

With the addition of the new machines, Argo Blockchain expects to increase its total crypto mining capacity to 772 petahashes. According to Peter Wall, the chief executive officer of Agro, the mining equipment has been delivered to the firm before the scheduled time. Additionally, he mentioned that the firm’s ongoing investment in new mining hardware puts them at the forefront of mining efficiency. The addition will now ensure that the firm will continue to deliver strong performance and create long-term value for the shareholders.

The mining firm has plans to increase more capacity

To move forward, Argo Blockchain PLC has plans to add more mining capacity. By the end of June 2021, the firm’s total mining power is expected to be increased to a total of 1,685 petahashes. Which means the firm is going to add more than double of its current computing power. Furthermore, to achieve the target, the firm has already ordered more 10,000 required machines. However, the devices are expected to be delivered between February and June, too in different batches.

What is the mining firm’s connection with the crypto industry?

Argo Blockchain PLC has a more significant connection with the crypto industry as a crypto mining firm. It is known that the firm’s stocks are a proxy for price moves in the crypto market. It is also observed that the price of the firm’s shares is equivalent to the price of Bitcoin. As the shares fall with a decline in the price of Bitcoin , and with a surge in Bitcoin’s price level, the price of Argo’s shares also increases.

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