UK-based Argo Blockchain has partnered with Core Scientific, the largest Bitcoin mining infrastructure provider in North America, to help it grow its North American presence.
The partnership will see Core Scientific host the London Stock Exchange LSE-listed Argo’s Antminer S19s at one of its US-based data centres.
Argo is the largest Bitcoin Miner in the UK and has a subsidiary Argo Blockchain Canada Holdings. The firm has several mining farms across North America, mostly Canada, and is taking advantage of a successful year by expanding its operations further.
North America Becoming The Centre For Hashrate Growth
The decision for Argo to host more of its investment in hashrate in North America is typical of the expansion of the mining industry there. The attraction of cheap electricity costs, suitable weather, and the favourable geopolitical infrastructure makes North America an attractive place for building mining centres.
Core Scientific will provide physical hosting and optimization services, as well as access to competitive electricity for 8,878 Antminer S19s, all owned by Bitcoin miner, Argo.
Core Scientific CEO, Kevin Turner said, ‘We are continuing to see more and more institutional players like Argo expand their investments in digital asset mining. As these leaders in their industry partner with us to expand their investment, we strive to offer them a U.S.-based option that is compliant to industry standards.’
Argo CEO, Peter Wall said, ‘As a publicly-traded company, it is important for us to work with safe and transparent companies. We highly value that Core Scientific is EY-audited and trusted by a number of large institutional investors. On top of being a secure and stable operating partner to work with, Core Scientific is highly efficient and has excellent relationships with manufacturers, which is beneficial for troubleshooting and maximizing performance from our mining fleet.’
Bitcoin Miner Argo Blockchain Revenue Up 23% in November
Bitcoin miner Argo Blockchain reported Thursday that revenue had climbed 23% to £1.48 million in November compared to £1.2 million the previous month.
However, the Bitcoin mining firm mined less BTC during November due to the mining difficulty adjustment making it harder to mine. With the Bitcoin price rising more than 40% in the same month, however, revenues were much higher for the Bitcoin mining firm.
Argo Blockchain reported that the company has mined a total of 2,369 BTC since the start of the year, and is holding 178 bitcoins in reserve.
The Bitcoin miner also announced its mining margin rose from 40% in October to 57% in November, which the CEO said was down to prioritizing efficiency.
‘We are continuing to prioritize efficiency in our mining operations,’ said Peter Wall. ‘And this has enabled us to increase our revenue by 23% last month and achieve our highest mining margin since the halving earlier this year.’
Argo Blockchain is a leader in the Bitcoin mining industry and is continually growing its presence. It’s believed the Bitcoin miner powers 0.6% of the Bitcoin hashrate. The stock price is trading at £11 a share, up exponentially from £3.05 after the March crash. However, the price is still below its £12.50 all-time high.
Author: Pablo Clarke
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