Publicly-Listed Mining Firm Argo Blockchain Adds 1,000 New Miners

Mining firm Argo Blockchain installs 1,000 more mining machines, financial news outlet ProactiveInvestors reports on Sept. 19.

The addition of the new machines would take the company’s total number of miners to 6,000. Furthermore, the firm also plans to acquire another 6,000 of them in the next two quarters.

The firm, publicly traded on the London stock exchange under the ARB ticker. Reports which circulated in August also pointed out that the company signed a deal to increase its electricity supply by 357%, which would be enough to power an additional 15,000 machines.

Argo Blockchain promises more updates on its development plans will be released next month.

Long term plans

At the time, Argo Blockchain held 7,025 machines that it mostly uses to mine Bitcoin (BTC). But if it was to expand to 15,000 machines, this would take its total hash rate to 1,360 peta hashes and could make it the largest publicly-listed miner. 

Since the beginning of May, the company’s stock price increased by 192.3% from £3.25 ($4.06) to £9.5 ($11.85) per share, according to Google Finance.

As Cointelegraph reported at the end of August, Bitcoin mining has proven to be a quite profitable endeavor in its ten years of existence as all-time revenue for Bitcoin miners has topped $14 billion.