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.
Bitcoin FAQs
Why should I buy Bitcoin?
People who understand Bitcoin buy Bitcoin because it is a peer-to-peer money that nobody can manipulate. It’s all set in the Bitcoin codebase which is secured by hundreds of thousands of computers all around the world. Bitcoins can be sent by anybody and no third party is need to verify the transactions, and nobody can stop Bitcoins being sent. There are many more reasons why people buy Bitcoin, and a deeper dive before doing so is recommended.
Can you buy less than 1 Bitcoin?
Yes. Every Bitcoin can broken down into 100 million bits. They are known as satoshis, after the pseudonymous creator Satoshi Nakamoto. And some companies will let you buy as little as $1 worth of Bitcoin, which at time of writing is worth about 11,000 satoshis. There are many companies that have a system for dollar cost averaging (DCA). This is a great way to buy Bitcoin, and is known in the space as ‘Stacking Sats’. Basically, what you do is set up small automatic, recurring payments to buy Bitcoin (or sats), and you DCA over time.
How can I earn free Bitcoin?
Nothing is really free, because even when you earn free Bitcoins you’re giving up your time, which is precious. But you can earn free Bitcoins. If you are a gamer, there are games like Bitcoin Bounty Hunt where you shoot your way to Bitcoin riches. Or there’s Carrot – a platform where you can earn free Bitcoin for doing tasks. Or you can save your Bitcoin in an interest bearing account and earn some Bitcoin interest. Be careful with interest bearing accounts, and only go with legitimate companies, though. I recommend Blockfi, you can read the review here.
Where is the best place to buy Bitcoin?
There are many great places to buy Bitcoin, and it all depends on your preference. You can buy on typical cryptocurrency exchanges, such as Kraken and Coinbase. Or you can buy from peer-to-peer Bitcoin marketplaces, such as Paxful and LocalBitcoins. You can also buy Bitcoin from Bitcoin ATMs. It all depends on your location and preference.
Pablo is a writer at Bitcoin Maximalist. Originally from Spain, Pablo grew up in the UK, and loves clubbing and gaming. Pablo is a keen Bitcoiner and loves to share his wisdom to help spread the good news of Bitcoin.
