• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer

Digital Market

seeing people behind the digits

  • About
  • Blockchain and Fintech Events
  • Tech Jobs
  • Domain Names
  • Reports
    • Technology
    • Venture Capital
  • Sponsored Post
    • Make a Contribution
  • Contact

Cryptocurrency Mining Company Argo Blockchain Exceeds 1,000 Bitcoin Holding and Provides Update on Mining Infrastructure

June 3, 2021 By admin

Investment in DeFi Company

LONDON – Argo Blockchain, a global leader in cryptocurrency mining (LSE: ARB) (OTCQX: ARBKF), is pleased to provide the following operational update for May.

Operational Update
During the month of May, Argo mined 166 Bitcoin or Bitcoin Equivalent (together, BTC) compared to 163 BTC in April. This brings the total amount of BTC mined year-to-date to 716 BTC.

Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in May amounted to $7.8 million (April 2021: $9.3 million). Argo generated this income at an average monthly mining margin of approximately 82% for the month of May despite fluctuations in mining difficulty. (April 2021: 85%).

At the end of May, the Company held 1108 Bitcoin or BTC equivalent.
Argo is also pleased to announce that it has executed a Grid Interconnection Agreement with the Wind Energy Transmission of Texas (WETT) and American Electric Power (AEP) for 200 MW at their Helios site in the Panhandle of Texas for its Texas mining facility. The facility is expected to connect to the Electric Reliability Council of Texas (ERCOT) grid in Q1 2022. Argo has also purchased two 90 MVA 345kV transformers from Pennsylvania Transformer Technology, a key part of the electrical infrastructure for the Company’s Texas development. The transformers will be manufactured in the United States and are scheduled to be delivered to the site in February 2022. When completed, Argo’s Texas mining facility is expected to be one of the largest facilities in the United States.

Update on Mining Infrastructure
The Company also announces an update to its 18 January 2021 announcement relating to the expansion of the Company’s mining capacity in Q1 and Q2 2021. As previously announced, Argo purchased machines with a total of 540 petahash (PH) from a leading manufacturer. However, as a result of production delays the order was cancelled and Argo has received a full refund. Due to Argo’s long-standing partnership with Core Scientific, a replacement order has been placed with Bitmain (via Core Scientific) of Antminer S19 and S19J machines totalling 530 PH at a competitive price to current market rates. These mining rigs are expected to be delivered and installed in stages, with some machines already operational, and the rest expected to be installed, later than the original order, in September and October 2021.

To meet the balance of the order, Argo has also increased a previous order from a second manufacturer from 70 PH to 80 PH, delivery of which is currently scheduled for July 2021. Combined, the new mining hardware is expected to add approximately 610 PH to Argo’s existing operations, bringing the Company’s expected total computing power to 1.68 exahash by mid October 2021.

Investment in DeFi Company
As part of the Company’s ongoing strategy to build physical and digital cryptocurrency infrastructure, Argo is also pleased to announce it has made an investment of $208,000 (CAD $250,000) in WonderFi Technologies Inc. (formerly DeFi Ventures Inc.), as part of a larger fundraising round by WonderFi. WonderFi is a technology company with a mission to bring decentralised finance to the masses through a suite of products and tools which are built on the core principles of simplicity and education. As part of the investment, Peter Wall has been appointed as an unpaid advisor to WonderFi.

“May has been a busy month. We have continued to deliver strong revenue and as a result, Argo’s Bitcoin holding has now surpassed 1,000 BTC” Peter Wall, Chief Executive of Argo said. “We are also delighted to have signed the Crypto Climate Accord and to have been involved in the creation of the Bitcoin Mining Council. These initiatives have the potential to enact systemic change within our sector and speed up the rate at which miners switch to renewable energy to power their operations. We are also pleased to announce Argo’s strategic investment into WonderFi. Access to this emerging sector needs to be democratised and we believe WonderFi is in an excellent position to achieve this.”

About Argo:
Argo Blockchain plc is a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy. The Company is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB and on the OTCQX Best Market in the United States under the ticker: ARBKF.
argoblockchain.com

Filed Under: News Tagged With: cryptocurrency

Primary Sidebar

App Coding

A code for a file-based JAMstack CMS system using JavaScript
How to code an app with ChatGPT
Browser Innovation: The Rise of Progressive Web Apps (PWA)
Mastering the Art of Mobile App Coding: Best Practices and Tips
App Development: The Importance of User Experience Design in Mobile Apps
Common Pitfalls in Agile Development and How to Avoid Them
Snyk Code Tool: The Impact on Code Quality

API Coding

Using OpenAI ChatGPT API with Java
Top Platforms for Managing Corporate APIs: A Guide
Streamlining Your Workflow with API Integrations: Benefits and Best Practices
How to design a corporate API
A Beginner's Guide to REST APIs: Understanding Their Fundamentals and Benefits
How to code an API with ChatGPT
Creating an API that generates a description of an image using ChatGPT

Secondary Sidebar

Blockchaining

Join Our Team as a Blockchain Developer - Revolutionize the Future
Creating a Unique and Valuable Non-Fungible Token (NFT): A Step-by-Step Guide
Highlights: Blockchain Conference in Tel Aviv
Building a Decentralized VPN Using Blockchain Technology
What is a blockchain domain?

Marketing Development

Driving Sales and Enhancing Brand Image: The Power of Visual Merchandising in Marketing Development
Why younger buyers want autonomy
Why do marketing companies fall down on customer experience?
SEO Techniques to Increase Website Traffic and Rankings
Engaging the Next Generation: Marketing through Gaming

Footer

Recent Posts

  • Unveiling Calendarial.com: Your Premier Event Management Solution!
  • ZGM.org: Crafting the Digital Zeitgeist
  • Exploring the Future of Cities: ZGM to attend the Smart City Expo World Congress 2023
  • Design Brief: jQuery-Powered SQLite Database CMS
  • Business Plan for Newspaperdom.com
  • Business Plan for Technography.org
  • Digital Side Hustle Haven: Your Gateway to Innovative Virtual Creations
  • Pixels Unbound: The Enchanted Marketplace of PXEF.com
  • Embrace Entrepreneurship: Launch Your Event Listing Side Gig with Flair!
  • 15 Lucrative Digital Side Hustles to Boost Your Income

Media Instances

AfroNouveau as Art Nouveau with African influences
Two ground-breaking paintings by Turner have come home for a special exhibition
The Power of Music in Healing
Time to Restock: Brandy or Whisky
Have Container Shipping Rates Reached Bottom?

S3H

Join Our Team at S3H.com Consulting - A One-Stop Shop for Technology Solutions
Introduction to Agile Software Development
How Blockchain Technology Can Enhance Legacy IT Systems
Switching from legacy IT to cloud
Full-Stack Web Development Masterclass: Building Responsive Websites and Interactive Applications

VPNW

The legal and ethical considerations surrounding VPN use, including jurisdiction and data privacy laws
VPNs and Geoblocking: How to Bypass Restrictions
The technical aspects of VPN encryption and security protocols
The use of VPNs in remote work and virtual private cloud (VPC) environments
VPN Split Tunneling: What Is It and How Can It Improve Your Online Experience?

Pixel Effects

Ambiguity of classical Chinese makes it an ideal language for poetry
The Role of Optical Illusions in Effect Filters
Neon Reverie: Exploring the Digital Dreamscape
The Fascinating Technology Behind Generative Animation
Are domestic cats still predators?

Copyright © 2022 DigitalMarket.org

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT