Bitcoin (BTC) mining company Argo Blockchain (ARBK) is "moving towards" designing its own machines using Intel chips and partnering with a third-party manufacturer to bring them to life, the company's CEO said.
The Intel chips are supposed to break the duopoly of Bitmain and MicroBT, which are overwhelming the mining application-explicit coordinated circuits (ASICs) market. More than that, Wall's meeting with CoinDesk demonstrates the way that they can offer excavators the chance to plan their own machines, rather than agreeing to instant ones from makers.
Argo is one of the few companies buying Intel's new bitcoin mining ASICs, the other three being Jack Dorsey's Block (SQ), Hive Blockchain (HIVE) and Griid Infrastructure.
Machines using Intel's industry-leading Blockscale ASIC chips” in its annual earnings report for 2021, but did not specify exactly how they would be designed and manufactured.
Given Argo's set of experiences, which shows that their "inclination is generally to have more control and more customization," the organization is inclining towards the main choice, which is to "have the option to assemble our own custom apparatuses," Wall said.
Asked about specific aspects of customization, the CEO mentioned "form factors" and customization of Bitcoin mining rigs for immersion versus air cooling. Immersion cooling is a technology in which machines are immersed in an electrically non-conductive liquid, to be cooled, instead of using tools such as fans.
By altering the mining machines, Argo can likewise control "significantly more of the product side of things" which is "an enormous benefit ... especially in the submersion climate," Wall said. The Argo CEO said that more subtleties will turn out in the following couple of weeks.
There are three "Ms" that matter in bitcoin mining: money, megawatts and cars, Wall said. Miners broke new ground with the first two, devising innovative financing solutions and working closely with energy producers, so it only makes sense if they finally start tackling the machines that make part of the equation, he said.
Over the long run "different excavators will understand that this is the bearing to head," importance altered machines, as indicated by the CEO.
A vital barrier for altering bitcoin mining rigs up until this point has been the chip producers. Existing industry players like Bitmain and MicroBT will quite often stay quiet about their plans and even store network. "You want a chip maker that will take care of business, and that is the very thing that's cool with Intel is that they're simply keen on selling chips," Wall said.
However, to create custom bitcoin miners, companies need a lot of technical skills, as well as experience in mining, chips and firmware, he said.
Ultimately, "the proof is in the pudding," Wall said, as did Argo's Helios mine, which finally started operating this week after more than nine months of construction, only when the results of their efforts customization of the machine will be tangible, the company will be able to say: "it was hard, but we did it.