The publicly listed miner from Wall Road, Argo Blockchain (LSE: ARB, NASDAQ: ARBK) has secured a internet hosting association with Merkle Customary LLC for its mining tools in Memphis, Tennessee, whereas allocating extra models to its Quebec facility.
Below the settlement, Merkle Customary will host 5,293 S19J Professional miners at its Tennessee location, with deployment scheduled for February 2025 beneath a minimal one-year time period. Concurrently, Argo will set up 2,500 S19J Professional miners at its Baie Comeau, Quebec facility.
The miners, beforehand operated on the Helios facility, are present process technical conversion from immersion-based to air-cooled methods. Argo signifies the refurbishment course of ought to full by March’s finish, with models delivery to each places throughout February.
These deployments account for roughly one-third of the 23,000 miners beforehand hosted at Helios. The corporate stories ongoing discussions with Merkle concerning potential growth of the present internet hosting association.
In keeping with the announcement, Argo’s hashrate will enhance progressively via February because the miners develop into operational. The corporate continues to discover internet hosting choices for its remaining mining tools.
Our December operational replace is out:
🔸Mined 39 Bitcoin in December.
🔸Each day manufacturing was 1.3 Bitcoin per day according to November.
🔸Mining income of $3.9 million, a rise from $3.4 million in November.
🔸We’re at the moment evaluating different web site choices to…
— Argo (@ArgoBlockchain) January 7, 2025
CEO Departs
Furthermore, Thomas Chippas, Chief Government Officer of Argo Blockchain, will step down from his place and resign his seat on the board efficient February 28, 2025. He assumed his management position in late 2023, when each the broader cryptocurrency market and the mining trade had been beneath appreciable pressure.
Throughout his tenure, Chippas oversaw important monetary enhancements on the dual-listed crypto miner. These included paying off the Galaxy mortgage forward of schedule and strengthening the corporate’s general steadiness sheet. Though Argo’s footing has improved, challenges stay evident: the agency’s third-quarter 2024 report confirmed a web lack of $6.3 million, reflecting ongoing market headwinds and tightened mining margins.
In December, Finance Magnates reported that Argo secured £4.2 million (roughly $5.3 million) via a share subscription. The corporate issued about 76.9 million new strange shares at 5.5 pence per share to an institutional investor. This infusion of funds helps key initiatives, corresponding to shifting or promoting mining tools from the Helios facility in Texas and persevering with Bitcoin mining operations in Quebec. Argo can also be exploring an growth into high-performance computing (HPC).
