The
publicly listed miner from Wall Street, Argo Blockchain (LSE: ARB, NASDAQ:
ARBK) has secured a hosting arrangement with Merkle Standard LLC for its mining
equipment in Memphis, Tennessee, while allocating additional units to its
Quebec facility.
Under the
agreement, Merkle Standard will host 5,293 S19J Pro miners at its Tennessee
location, with deployment scheduled for February 2025 under a minimum one-year
term. Concurrently, Argo will install 2,500 S19J Pro miners at its Baie Comeau,
Quebec facility.
The miners,
previously operated at the Helios facility, are undergoing technical conversion
from immersion-based to air-cooled systems. Argo indicates the
refurbishment process should complete by March’s end, with units shipping to
both locations during February.
These
deployments account for approximately one-third of the 23,000 miners previously
hosted at Helios. The company reports ongoing discussions with Merkle regarding
potential expansion of the current hosting arrangement.
According
to the announcement, Argo’s hashrate will increase progressively through
February as the miners become operational. The company continues to explore
hosting options for its remaining mining equipment.
Our December operational update is out:
🔸Mined 39 Bitcoin in December.
🔸Daily production was 1.3 Bitcoin per day consistent with November.
🔸Mining revenue of $3.9 million, an increase from $3.4 million in November.
🔸We are currently evaluating alternative site options to…
— Argo (@ArgoBlockchain) January 7, 2025
CEO Departs
Moreover, Thomas
Chippas, Chief Executive Officer of Argo Blockchain, will
step down from his position and resign his seat on the board effective February
28, 2025. He assumed his leadership role in late 2023, when both the
broader cryptocurrency market and the mining industry were under considerable
strain.
During his
tenure, Chippas oversaw significant financial improvements at the dual-listed
crypto miner. These included paying off the Galaxy loan ahead of schedule and
strengthening the company’s overall balance sheet. Although Argo’s footing has
improved, challenges remain evident: the firm’s third-quarter 2024 report showed
a net loss of $6.3 million, reflecting ongoing market headwinds and
tightened mining margins.
In
December, Finance Magnates reported that Argo secured
£4.2 million (approximately $5.3 million) through a share subscription. The
company issued about 76.9 million new ordinary shares at 5.5 pence per share to
an institutional investor. This infusion of funds supports key initiatives,
such as moving or selling mining equipment from the Helios facility in Texas
and continuing Bitcoin mining operations in Quebec. Argo is also exploring an
expansion into high-performance computing (HPC).
The
publicly listed miner from Wall Street, Argo Blockchain (LSE: ARB, NASDAQ:
ARBK) has secured a hosting arrangement with Merkle Standard LLC for its mining
equipment in Memphis, Tennessee, while allocating additional units to its
Quebec facility.
Under the
agreement, Merkle Standard will host 5,293 S19J Pro miners at its Tennessee
location, with deployment scheduled for February 2025 under a minimum one-year
term. Concurrently, Argo will install 2,500 S19J Pro miners at its Baie Comeau,
Quebec facility.
The miners,
previously operated at the Helios facility, are undergoing technical conversion
from immersion-based to air-cooled systems. Argo indicates the
refurbishment process should complete by March’s end, with units shipping to
both locations during February.
These
deployments account for approximately one-third of the 23,000 miners previously
hosted at Helios. The company reports ongoing discussions with Merkle regarding
potential expansion of the current hosting arrangement.
According
to the announcement, Argo’s hashrate will increase progressively through
February as the miners become operational. The company continues to explore
hosting options for its remaining mining equipment.
Our December operational update is out:
🔸Mined 39 Bitcoin in December.
🔸Daily production was 1.3 Bitcoin per day consistent with November.
🔸Mining revenue of $3.9 million, an increase from $3.4 million in November.
🔸We are currently evaluating alternative site options to…
— Argo (@ArgoBlockchain) January 7, 2025
CEO Departs
Moreover, Thomas
Chippas, Chief Executive Officer of Argo Blockchain, will
step down from his position and resign his seat on the board effective February
28, 2025. He assumed his leadership role in late 2023, when both the
broader cryptocurrency market and the mining industry were under considerable
strain.
During his
tenure, Chippas oversaw significant financial improvements at the dual-listed
crypto miner. These included paying off the Galaxy loan ahead of schedule and
strengthening the company’s overall balance sheet. Although Argo’s footing has
improved, challenges remain evident: the firm’s third-quarter 2024 report showed
a net loss of $6.3 million, reflecting ongoing market headwinds and
tightened mining margins.
In
December, Finance Magnates reported that Argo secured
£4.2 million (approximately $5.3 million) through a share subscription. The
company issued about 76.9 million new ordinary shares at 5.5 pence per share to
an institutional investor. This infusion of funds supports key initiatives,
such as moving or selling mining equipment from the Helios facility in Texas
and continuing Bitcoin mining operations in Quebec. Argo is also exploring an
expansion into high-performance computing (HPC).
