Argo Blockchain, a United Kingdom-based cryptocurrency miner, announced today that 1,058 S19 and S19 pro miners will be delivered ahead of the schedule. The company added that the crypto mining machines will be fully operational by 25 January.
According to the official announcement, Argo Blockchain ordered 4,500 leased crypto mining machines in November last year. The early shipment means that the mentioned 1,058 machines will be fully installed nearly three weeks earlier than the original date.
The new cryptocurrency mining machines are expected to increase the company’s current petahash by 103, pushing the total to 748 petahash before the end of January 2021. Petahash is the unit of the computing power of cryptocurrency miners.
Commenting on the announcement, Peter Wall, CEO of Argo, said: “This is great news. At a time when our crypto mining margins for the first 10 days of January are well over 70%, having these new, efficient machines up and running early will increase our monthly revenues and help to continue to achieve these excellent margins. 2021 is off to a great start.”
Additionally, the company mentioned that the remaining 3,442 machines are expected to be delivered as per schedule. The remaining machines will be fully operational by mid-February 2021.
The crypto mining industry has seen significant growth in 2020 due to a massive increase in cryptocurrency market cap and the growing interest of institutions in the mining operations. China has been a dominant power in the crypto mining industry but Finance Magnates earlier reported that due to some domestic challenges, Chinese crypto miners are shifting their operations to other countries. The UK has seen exceptional growth in cryptocurrency mining in the last few years. Argo Blockchain reported a 1,000% spike in Bitcoin mining revenue in 2019 as the company mined 1,330 Bitcoin throughout the year. The company aims to take advantage of the recent price rally in Bitcoin and other crypto-assets as the UK-based miner experienced a boost in mining margins in the first few days of 2021.