Argo Blockchain, the first cryptocurrency firm to be listed on the London Stock Exchange (ticker: ARB), has revealed it’s looking to increase its number of crypto mining machines to 17,00 by Q2 of 2020.
According to a recent update published by Proactive Investors, the mining firm is now employing a total of 7,000 cryptocurrency miners at its facilities, and has a 10,000 mining machine order that’s expected to be delivered in batches, starting from early December.
The firm’s shares surged earlier this year after it revealed the 1,026 Antminer S17 ASICs it acquired had already paid for themselves, and it seems the firm is doubling down on its investment in new crypto mining equipment. Mike Edwards, Argo’s executive chairman, stated:
Our strategy to make a major investment in new mining hardware this year continues to deliver strong returns.
Edwards added Argo blockchain was confident in its ongoing expansion and added it will “deliver return in line with our expectations and create long-term value for shareholders.” Argo Blockchain’s share price has over the last three months been dropping, with Yahoo Finance data showing it went from an 11.25 GBp high to around 6.8 GBp.
It’s worth pointing out cryptocurrency mining firms like Argo Blockchain have to invest in hardware from time to time. Bitcoin’s hashrate has over the last few months been surging, so much so it went from around 35 million TH/s in December of last year to 104 million TH/s this month.