Argo Blockchain, a publicly traded cryptocurrency miner based in the United Kingdom, announced Wednesday that it will upgrade its year-end computing power to 3.2 EH/s by 2022. This is a drop of 41.8%.
At the end July, the total hash rate was 2.23EH/s. This includes the fact that the company continues installing the S19J pro order from Bitmain Complete the replacement process.
CEO Peter Wall stated that the revision downward was due to a collaboration between ePIC, Intel, to improve the miner design in order to increase overall mining efficiency. This delayed the expected deployment plans.
“The revision to our hashrate guidance reflects our current expectations for delivery and deployment of the custom machines we are developing with ePIC Blockchain Technologies that utilize the Intel Blockscale ASIC chipsWe have worked closely with ePIC and Intel to modify the machine design to increase total mining efficiency, which has delayed our expected deployment schedule.”
Argo also stated that it sold 887 bitcoins in July at an average price around $22,670. The company stated that it used the funds under a BTC-backed loan agreement to reduce debt with Galaxy Digital and to cover operational expenses and growth capital.
Argo reported that its outstanding balance under BTC secured loan agreements was $6.72 Million as of July 31, a significant drop from the $50.25 million in the second-quarter of 2022.
The company projects that the hashrate will reach 4.1 EH/s in the first quarter 2023.
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