Argo Blockchain PLC Announces Hosting Update
Rhea-AI Summary
Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) has expanded its hosting arrangement with Merkle Standard , increasing the number of S19J Pro miners to be hosted at Merkle's Memphis, Tennessee location from 5,293 to 8,113 miners. The deployment will occur during February and March 2025 for a minimum one-year term.
Additionally, 2,500 S19J Pro miners will be hosted at Argo's Baie Comeau, Quebec facility where capacity is available. By the end of March, approximately 46% of the 23,000 miners previously hosted at Helios will be operational. The company expects its hashrate to steadily increase during February and March as the refurbishment process continues.
Argo is currently in discussions regarding hosting arrangements for the remaining miners and will provide updates as progress is made.
Positive
- Increased hosting capacity from 5,293 to 8,113 miners at Merkle's facility
- 46% of previously hosted Helios miners to be operational by March 2025
- Expected hashrate increase during February and March
Negative
- 54% of Helios miners still require hosting arrangements
- Deployment and refurbishment process still ongoing, affecting current operations
News Market Reaction 1 Alert
On the day this news was published, ARBK declined 1.94%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
LONDON, UNITED KINGDOM / ACCESS Newswire / February 24, 2025 / Argo Blockchain plc (LSE:ARB)(NASDAQ:ARBK) is pleased to announce that it has amended its hosting arrangement with Merkle Standard LLC ("Merkle") to host a total of 8,113 S19J Pro miners at Merkle's Memphis, Tennessee location, up from the initial 5,293 reported in January. These miners, previously hosted by the Company at Helios, will be deployed during the months of February and March for a minimum one year term. As previously disclosed, an additional 2,500 S19J Pro miners will be hosted at our Baie Comeau, Quebec facility where the Company currently has available capacity.
By the end of March, after these deployments, the Company expects
With the refurbishment process underway and hosting arrangements in place, Argo's hashrate is expected to steadily increase during the months of February and March. Ongoing discussions to host the remaining miners continue and the Company will update the market on further install plans as progress is made.
This announcement contains inside information.
For further information please contact:
Argo Blockchain |
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Investor Relations | |
Tennyson Securities |
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Corporate Broker Peter Krens | +44 207 186 9030 |
Fortified Securities |
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Joint Broker Guy Wheatley, CFA | +44 7493 989014 guy.wheatley@fortifiedsecurities.com
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Tancredi Intelligent Communication UK & Europe Media Relations |
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About Argo:
Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK) blockchain technology company focused on large-scale cryptocurrency mining. With a mining facility in Quebec and offices in the US, Canada, and the UK, Argo's global, sustainable operations are predominantly powered by renewable energy. In 2021, Argo became the first climate positive cryptocurrency mining company, and a signatory to the Crypto Climate Accord. For more information, visit www.argoblockchain.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Argo Blockchain PLC
View the original press release on ACCESS Newswire
FAQ
How many miners will ARBK host at Merkle's Memphis facility?
What percentage of ARBK's Helios miners will be operational by March 2025?
How many miners will ARBK host at their Baie Comeau facility?
When will ARBK complete the deployment of miners at Merkle's facility?
What is the total number of miners ARBK is relocating from Helios?
