Argo Blockchain increased mining power by 185% in a month

Argo Blockchain has installed about 9,500 Antminer T17 ASIC miners since the beginning of the year. Computing power of the companyincreased by 185% from 220 PH / s to 630 PH / s, reports The Block.

Argo Blockchain operates three mining farms in the Canadian provinces of Quebec and New Brunswick.

The company reported that in January it mined 247 bitcoins, despite the fact that for three months of the last quarter of 2019, this figure amounted to 432 coins.

The increase in mining power brought the total number of Argo ASIC miners to approximately 16,500 devices. As a result, with 630 PH / s, it occupies about 0.6% of the total network hashrate.

In August 2018, Argo raised $ 32.5 million through an IPO on the London Stock Exchange. However, now the company's market capitalization is $ 24.3 million.

According to Argo, the new «ASIC»allowed us to significantly exceed the mining efficiency of other miners in Canada, such as BitFarms and Hut 8. The company produces 21 PH per 1 MW of power versus 14.3 PH and 8.8 PH, respectively.

Source: The Block

«We started the year strong, and these results reflect Argo's position as one of the most efficient crypto miners on the market».— said Argo CEO Peter Wall.

Please note that due to the coronavirus outbreak in Chinaleading manufacturers of ASIC miners have postponed equipment delivery dates. Canaan Creative has already predicted an increase in equipment prices due to the problems that have arisen.