Investors Snap Up Argo Blockchain Shares After Power Deal
Argo Blockchain becomes the world’s largest publicly listed cryptocurrency miner
Shares of Argo Blockchain, a London-listed cryptocurrency miner, popped nearly 18% Tuesday after it signed a new power supply deal. The firm signed a deal with Canadian data center provider GPU.one. The agreement will provide an increase in power supply from 14MW to 64MW to data centers in Quebec and Eastern Canada.
Argo’s bitcoin mining capacity zooms higher
According to a statement, the 357% jump in power enables Argo to employ another 15,000 mining machines. The firm will boost its Bitcoin mining capacity by 169% from 505 petahash to 1,360 petahash.
The company wants to become more than the world’s largest listed crypto miner.
Argo aims to be the world’s largest crypto miner by 2020.
“We are taking another major leap in expanding our mining capacity as the crypto mining industry goes from strength to strength,” said Argo’s Executive Chairmen Mike Edwards in a statement. “Our combination of green energy at competitive rates, a world-class team and the most efficient hardware positions Argo for the long-term.”
This is the company’s second major announcement within a few weeks.
In July, Argo announced the appointment of Matthew Shaw to the role of independent non-executive director.
Shaw had more than 25 years as a banker, corporate adviser, and serial entrepreneur. He specializes in the tech and cryptocurrency sectors.
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