Argo Blockchain PLC Company Update - Hosting
Rhea-AI Summary
Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) has secured a hosting arrangement with Merkle Standard to host 5,293 S19J Pro miners at their Memphis, Tennessee location, with deployment scheduled for February under a minimum one-year term. Additionally, 2,500 S19J Pro miners will be hosted at Argo's Baie Comeau, Quebec facility.
The miners, previously hosted at Helios, are being refurbished and converted from immersion-based to air-cooled systems, with completion expected by March end. February shipments are planned to both Merkle and Baie Comeau locations. Once these deployments are complete by February end, approximately one-third of the 23,000 miners previously at Helios will be operational.
The company expects its hashrate to gradually increase during February as the refurbishment process continues. Discussions are ongoing with Merkle for potential expansion and with other parties for hosting the remaining miners.
Positive
- Secured new hosting arrangement for 5,293 miners with Merkle Standard
- Additional 2,500 miners to be hosted at own Baie Comeau facility
- 7,793 miners (33% of previously hosted miners) to be operational by February end
Negative
- Only one-third of previously hosted miners will be operational
- Ongoing refurbishment and conversion process causing operational delays
- Remaining two-thirds of miners still require hosting solutions
News Market Reaction 1 Alert
On the day this news was published, ARBK declined 6.92%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
LONDON, UNITED KINGDOM / ACCESS Newswire / January 27, 2025 / Hosting Update
Argo Blockchain plc (LSE:ARB)(NASDAQ:ARBK) is pleased to announce that it has entered into a hosting arrangement with Merkle Standard LLC ("Merkle") to host 5,293 S19J Pro miners at Merkle's Memphis, Tennessee location. These miners, previously hosted by the Company at Helios, will be deployed during the month of February for a minimum one year term. Discussions continue with Merkle to increase the number of miners hosted. An additional 2,500 S19J Pro miners will be hosted at our Baie Comeau, Quebec facility where the Company currently has available capacity.
The previously hosted S19J Pro miners are currently being refurbished and converted from immersion-based miners to air cooled miners and the Company expects this conversion process to be completed by the end of March, with completed units being shipped to Merkle and Baie Comeau during the month of February. By the end of February, after these deployments, the Company expects one third of the approximately 23,000 miners previously hosted at Helios to be operational.
With the refurbishment process underway and hosting arrangements in place, Argo's hashrate will steadily increase during the month of February. 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 |
Tancredi Intelligent Communication UK & Europe Media Relations |
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 Argo Blockchain (ARBK) host with Merkle Standard in Memphis?
When will ARBK complete the miner conversion from immersion to air-cooled systems?
What percentage of ARBK's previously hosted miners will be operational by February 2025?
How many miners will ARBK host at their Baie Comeau facility?
What is the duration of ARBK's hosting agreement with Merkle Standard?
