UK listed Argo Blockchain says its orders have expanded
|Argo Blockchain are listed on the London Stock Exchange and in an investor update, they have said their orders are expanding.
Argo's massive order with Bitmain, a "leading supplier", was for 5,000 Antminer S17s at a cost of USD 13.1 million. However, this has been engulfed by a new order for 10,000 Antminer T17s at a cost of USD9.5 million.
This amended order represents another significant expansion of our mining infrastructure to become the world's biggest publicly listed cryptominer. Moving from the S17 to the T17 increases our mining output considerably. Our strong balance sheet and cash flow means we can continue to invest to take advantage of favourable industry conditions and position Argo for long-term growth and value creation
Argo has already made a USD 6.5 million payment on the original order which "will be applied against this amended order". The outstanding balance of the amended order can be funded using Argo's existing cash resources.
Argo has now ordered around 10,500 cryptomining machines, including a previous order for 500 Antminer S17s now awaiting delivery.
Argo has decided to pursue this opportunity as the amended order is significantly superior in terms of total mining efficiency and enables the company to grow further its overall mining capacity the company said.
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