The Argo share jumps while celebrating the opening of the Bitcoin mine in Texas

The Argo share jumps while celebrating the opening of the Bitcoin mine in Texas

Argo Blockchain says that his new crypto system is fully under power in Texas and is ready to start mining next week.

Argo celebrates the milestone on Thursday afternoon with a inauguration ceremony in the facility. The company's share in London rose by up to 10 % after the announcement and is currently about 7 % above its previous final course.

The 320 Acres Large Property of Dickens County, Helios, will serve as the flagship of the Bitcoin mining operation of Argo. Argo has two smaller facilities in Quebec.

argo Project to $ 2 billion to bring Helios online last November, the unloading of a part of the bitcoins that break down every month.

indeed word bankruptcy 70 million dollar loans from the crypto service provider Nydig on Wednesday UROM will use Argo cash to acquire further mining rigs-which brings over the overall loan to over $ 97 million. The ARGO market capitalization is around $ 370 million.

"I am very grateful to everyone who were involved in the planning and execution of Helios," said CEO Peter Wall in a statement. “We started building the system in July 2021, and it is an enormous performance that the location will start mining operation in less than 12 months.

The British company said that the 20,000 Bitmain S1PJ Pro mining-Rigs, which were bought last September, are still delivered and installed. Argo will continue to receive and install the Bitmain machines between May and October this year, but has not stated how many rigs are already accommodated at the location.

argo also signed another MINING organization Core Scientific in March, in which the two companies swap thousands of Asics. Argo intends to exchange its less powerful Antminer S9S-which were housed at Core Scientific-for other Bitmain S1PJ Pro machines.

Some of the rigs of Core Scientific have already been installed, the rest will be delivered and built up in the course of July. Argo will also be one of the first to receive the new Mining chips from Intel, which are more efficient than some ASICS currently available.

now, argo exercises 1,605 exahashes per second (eh/s), which corresponds to about 0.7 % of the hash rate of Bitcoin. Marathon Digital Holdings, the largest crypto mining company according to the market value, 3.9 EH/S From March-more than twice of the current capacity of Argo.

Argo says that its new location will finally use 800 megawatts (MW) of electricity in the next few years. This would exceed the 750 MW, which is supposed to flow through the Texas of the Rival Riot Blockchain Page? ˅ in Rockdale, about 350 miles away.

Argos Helios will initially do with only 200 MW, a fifth of the desired energy expenditure. The company assumes that this will increase its entire maximum hash rate by 243 % to 5.5 EH/s by the end of the year.

In this case, Argo could manage a hash rate of more than 20 EH/s, which corresponds to about 9 % of the current capacity of the Bitcoin network.

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The contribution Argo Stock Jumps as it Celebrates Opening of Texas Bitcoin Mine is not a financial advice.