U.K.-based bitcoin miner Argo Blockchain said in an SEC filing this month that it has raised its mining power target this year, thanks to the adoption of Intel mining chips. Nearly 50%, growing from the previous 3.7EH/s to the current estimated 5.5EH/s.
Argo Blockchain stated in the 2022 outlook in the document: It is estimated that by the end of 2022, the company’s computing power will reach 5.5EH/s. This growth is due to the installation of Bitmain S19J Pro mining machine, deployment of Intel’s next-generation ASIC Blockscale chip driven by customized mining machines.
In mid-February this year, Intel officially announced the launch of a dedicated chip for bitcoin mining, and disclosed the first batch of customers, including payment service provider Block, as well as miners Argo Blockchain and Griid Infrastructure. On April 4, Intel launched its second-generation bitcoin mining chip, the Intel Blockscale ASIC.
Separately, Argo Blockchain noted in its 2022 outlook that the company’s Helios mining facility project in Dickens County, Texas, will generate up to 800 megawatts, much higher than the 200 megawatts originally planned, and is expected to start production in May, Additional capital expenditures to complete the construction of the first phase of the project are expected to be between $125 million and $135 million, funded primarily through bonds and the monthly sale of a portion of bitcoin mining proceeds.
Argo Blockchain mentioned that after 2022, with the addition of 600 megawatts of power generation at the Helios mining facility, the company hopes to significantly increase the mining computing power by more than 20EH/s in the next few years.
Peter Wall, CEO of Argo Blockchain, said: “With our mining operations at Helios expected to start in May, and custom mining rigs powered by Intel’s next-generation Blockscale ASIC chips, Argo is well positioned to continue growing and focus on providing Our shareholders provide services.
According to the 2021 fiscal year results released by Argo Blockchain, the company’s revenue in fiscal 2021 increased by 291% to $100.1 million, due to the increase in the company’s computing power, the decrease in Bitcoin mining difficulty, and the increase in currency prices last year; As for the mining profit margin, it reached 84%, a significant increase from 41% in 2020.
Although the price of Bitcoin has not improved much recently, according to YCharts data, the computing power of the entire Bitcoin network reached 243.13MTH/s on the 27th, an increase of 23.77% from 196.44MTH/s on the previous day and is close to the 2nd of this year. The all-time high of 248.11MTH/s set on January 12.
According to BTC.com data, the Bitcoin mining difficulty increased again at block height 733,824 at 23:20:35 (UTC+8) last night, rising from 28.23T to 29.79T, a single day increase of 5.56%. It hit a record high and the biggest increase since the single-day mining difficulty surged 9.32% on January 21 this year.
Post time: May-15-2022