Argo Blockchain to increase hashrate by 50% with new Intel chips

The company plans to increase its equipment capacity to 20 EH/s over the next few years

28.04.2022 - 14:45

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What’s new? Mining company Argo Blockchain plans to increase its hashrate to 5,5 EH/s in 2022, up almost 50% from the previous prediction of 3,7 EH/s. The increase in hashrate will come from the installation of mining equipment using Intel Blockscale chips. This is reported in the company’s annual report with the US Securities and Exchange Commission (SEC).

Argo Blockchain’s annual report with the SEC

What other information is in the report? It also reports on the construction of Helios, a cryptocurrency mining farm in Dickens County, Texas, with an initial equipment capacity of 200 MW, which is expected to launch in May 2022. The company plans to increase the capacity of Helios to 800 MW. The additional costs to complete the first phase of the launch will be between $125 million and $135 million, to be financed mainly by debt and revenue from the sale of a portion of the bitcoins mined each month. Argo Blockchain plans to increase its total equipment hashrate to 20 EH/s over the next few years due to the additional 600 MW from Helios.

What had happened before? On April 4, Intel published information about its new bitcoin mining chip, Blockscale. Its main feature is increased energy efficiency. The chip is designed to operate on the Proof-of-Work (PoW) consensus mechanism and use the SHA-256 encryption algorithm.

According to the company’s financial performance report published on the London Stock Exchange (LSE) website, Argo Blockchain’s profit from cryptocurrency mining amounted to $11,2 million in November 2021. The increase compared to October 2021 was 10,8% in terms of coins mined and 15% in terms of profit generated.

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