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September 27, 2022
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Bitcoin Miner Argo Raises Hashrate Steering Because of Intel Mining Chips

Bitcoin miner Argo Blockchain’s raised 2022 hashrate steering to five.5 exahash per second (EH/s), an virtually 50% improve from earlier steering of three.7 EH/s, largely pushed by mining rigs that use Intel’s new chips.

“With our mining operations at Helios anticipated to begin in Could, together with the event of customized mining machines utilizing Intel’s next-generation Blockscale ASIC chips, Argo is well-positioned to proceed its progress with a deal with delivering for our shareholders,” stated CEO Peter Wall in an announcement.

On April 4, Chip big Intel (INTC) launched its second-generation bitcoin mining chip, referred to as “Intel Blockscale ASIC,” which can supply miners extra environment friendly mining rigs than most fashions out there available in the market. Bitcoin miners Argo Blockchain, Hive Blockchain and Griid Infrastructure in addition to big Block (previously Sq.) shall be among the many first clients to obtain the brand new Intel Blockscale ASIC.

The miner additionally stated the preliminary 200 megawatt (MW) out of its capability of as much as 800MW for its Helios tasks in Dickens Nation, Tex.is anticipated to be operational in Could. The extra capital spending to finish this primary section is anticipated to be within the vary of $125 million to $135 million, which shall be funded primarily via debt and proceeds from promoting a portion of mined bitcoins every month.

Past 2022, Argo expects to develop its hashrate to greater than 20 EH/s over the subsequent few years as the extra 600MW capability at its Helios facility comes on-line.

Argo additionally reported 2021 gross sales of $100.1 million, which beat the common analyst estimate of $98.3 million, in accordance with FactSet knowledge. Its 2021 internet revenue was $41.5 million, decrease than the consensus estimate of $45.3 million.

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