Argo Blockchain plc, (“Argo”) a global leader in cryptocurrency mining (LSE: ARB; NASDAQ: ARBK), is pleased to announce that its flagship mining facility, Helios, has been energized. Additionally, an inauguration ceremony will take place today at the facility in Dickens County, Texas, and mining operations are expected to commence next week.
The delivery and installation of the 20,000 Bitmain S19J Pro mining machines purchased in September 2021 has commenced and the remaining units are expected to be delivered and installed in batches between May and October 2022. Additionally, installation has started for the Bitmain S19J Pro mining machines obtained via the machine swap agreement with Core Scientific and will continue in stages through July 2022.
Phase 1 of Helios’ development will utilise 200 MW of power capacity and represents an increase of 243% in Argo’s hashrate to an anticipated 5.5 EH/s by the end of 2022 as the Company significantly scales up its mining operations.
Helios also has access to up to an additional 600 MW of power capacity which the Company expects to utilise in the coming years through further phases of development at the site. It is anticipated this additional capacity, along with further development of the site, will enable Argo’s operations to grow significantly to more than 20 EH/s.
Helios has been designed to house one of the largest immersion-cooled mining operations in the world, which is expected to be more cost-efficient, extend the life of the mining machines by reducing machine exposure to dust and debris and improve operational performance.
Peter Wall, Chief Executive Officer of Argo, said: “I’m extremely grateful to everyone who has been involved in the planning and execution of Helios. We started construction on the facility in July 2021 and it is a tremendous achievement that the site will commence mining operations in less than 12 months.
“I want to extend my thanks on behalf of Argo and all our shareholders to the team and their tireless efforts and communal drive to realise Argo’s vision for Helios. The opening of Helios marks an important step for the Company, as we continue to implement new, ground-breaking technology, significantly upscale our operations and continue to strengthen infrastructure. Our work to achieve sustainable growth for Argo continues.”
Inside Information and Forward-Looking Statements
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