The crypto miner also announced a transformer order that will provide an additional 600MW of total power to its Helios facility Argo Blockchain PLC
The crypto miner also announced a transformer order that will provide an additional 600MW of total power to its Helios facility
Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) announced a supply agreement to buy Intel Corporation (NASDAQ:INTC)’s new blockchain accelerator.
Under the deal, Argo has pro-rata allocation rights to purchase a supply of the Intel units, with delivery expected to start in the second half of this year, the cryptocurrency miner said in a statement.
It added that it will announce more details about the Intel deal in the coming months, including the anticipated future increase in its hashrate from the supply agreement.
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The news accompanied an update on Argo’s mining operations in February. The company mined 135 Bitcoin or Bitcoin Equivalent (BTC) during the month, down from 172 BTC in January 2022, due to record high global hashrate and subsequent network difficulty increase.
In addition, cold winter conditions curtailed operations at Argo’s facilities in Mirabel and Baie Comeau, Quebec as well as at its hosted machines at Core Scientific’s facility in North Dakota. This is because Argo, like other crypto miners, has agreements to access lower electricity prices with suppliers in return for limiting usage in periods of peak demand.
Mining revenue in February fell to £4.15mln from £5.26mln in January. The income was generated at a BTC mining margin of 71% for the month, compared with 74% in January.
At the end of February, Argo owned 2,685 Bitcoin, of which 246 were BTC equivalents.
Updating on the construction of its 200MW flagship cryptocurrency mining facility Helios in Dickens County, Texas, the company said it has placed an order with PA Transformer for four further main power transformers which will provide an additional 600MW of total power to the Helios site.
The transformers are identical to the initial order of transformers the company is currently installing and will be delivered in the first and second quarters of 2023.
“During February, we have experienced exceptional weather conditions and are hopeful that these are behind us. Regardless of this, we have continued to ensure that Argo is set to grow and deliver on its intended objectives for the forthcoming year,” commented Argo chief executive and interim chairman Peter Wall.
“The company’s recent appointment of Raghav Chopra as an independent non-executive director, continued progress with construction of the Helios facility, and the supply agreement we have signed with Intel are testaments to the fact that we are on the right track to achieving our goals for the year.”
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