Argo Blockchain says its new crypto facility in Texas is fully powered up and ready to start mining next week.
Argo commends the achievement with an initiation service at the office on Thursday evening. The organization's London-recorded stock flooded up to 10% on the declaration and right now sits around 7% over its past close.
The 320-acre land in Dickens County, Helios, will serve as a flagship for bitcoin mining in the future. Argo has two smaller facilities in Quebec. Argo projected costs of up to $2 billion to bring Helios online last November, funded by debt offerings and offloading some of the bitcoin it mines each month.
As a matter of fact, word broke of a $70-million advance from crypto specialist organization NYDIG Wednesday, cash Argo will use to procure additional mining rigs — bringing the all out credit above $97 million. Argo's market capitalization is around $370 million.
"I am extremely grateful to everyone involved in the planning and execution of Helios," said CEO Peter Wall. “We began construction of the facility in July 2021 and it is an extraordinary achievement that the site begins mining operations in less than 12 months.
The UK firm said the 20,000 Bitmain S1PJ Pro mining rigs purchased last September are as yet being conveyed and introduced. Argo will keep getting and introducing the Bitmain machines in groups among May and October of this current year however didn't determine the number of apparatuses that were at that point housed at the site.
Argo also signed a different deal with another mining organization, Core Scientific, in March that sees the two companies trading thousands of ASICs. Argo intends to trade in its less powerful Antminer S9 – which was hosted at Core Scientific – for more Bitmain S1PJ Pro machines.
Some of Core Scientific's apparatuses have previously been introduced, with the rest to be conveyed and set up all through July. Argo will likewise be one of the first to accept Intel's new mining chips, which are fixed as more proficient than some off-the-rack ASICs right now accessible.
Currently, Argo is running 1,605 exahashes per second (EH/s), which equates to about 0.7% of Bitcoin's hash rate. Marathon Digital Holdings, the largest cryptocurrency company by market value, maintained 3.9 PE/s in March, more than double Argo's current capacity.
Over the course of the following couple of years, Argo says its new site will ultimately tackle 800 megawatts (MW) of power. This would outperform the 750 MW intended to course through rival Riot Blockchain's Texas site in Rockdale, around 350 miles away.
For the time being, Helios d'Argo will be satisfied with only 200 MW, ie one fifth of the planned energy expenditure. The company estimates that this will further increase its overall maximum hash rate by 243% to 5.5 EH/s by the end of the year.
Assuming that occurs, Argo could deal with a hash pace of in excess of 20 EH/s generally speaking, equivalent to around 9% of the Bitcoin organization's ongoing limit.