Argo Blockchain plc operates as blockchain technology company. The company focuses on large-scale mining of Bitcoin. The company mines using purpose-built computers (or mining machines) to solve complex cryptographic algorithms (verify or solve blocks) on the blockchain in exchange for rewards and fees denominated in the native token of that blockchain network.
The company’s mining strategy is to acquire and deploy advanced mining technology solutions in North American facilities that utilize p...
Argo Blockchain plc operates as blockchain technology company. The company focuses on large-scale mining of Bitcoin. The company mines using purpose-built computers (or mining machines) to solve complex cryptographic algorithms (verify or solve blocks) on the blockchain in exchange for rewards and fees denominated in the native token of that blockchain network.
The company’s mining strategy is to acquire and deploy advanced mining technology solutions in North American facilities that utilize predominantly renewable and inexpensive electricity. As of December 31, 2023, the company had a fleet of more than 33,750 machines mining Bitcoin that can generate up to 2.8 exahash per second of computing power.
The company maintained ownership of its entire fleet of mining machines, including 23,619 Bitmain S19J Pro machines that were operating at the Helios facility prior to the sale. Those miners remained at the Helios facility following the sale and continue to operate pursuant to a hosting agreement with Galaxy. Approximately 2.4 EH/s of total hashrate capacity is deployed at the Helios facility, and the machines continue to perform very well in the custom-designed immersion-cooled facility.
Strategy
The key elements of the company’s strategy are to balance between owned and operated mining facilities and utilizing third party sites; focus on reliable renewable power; and emphasis on sustainability. The company’s strategy is to diversify its sources of revenue and value creation by investing in and developing other commercial opportunities at the intersection of energy, finance, and technology.
Mining Equipment and Suppliers
The company’s mining hardware primarily consists of Bitmain Antminer S19, S19 Pro, S19J Pro, and ePIC BlockMiners, featuring the latest application-specific integrated circuits (ASICs) for cryptocurrency mining. These machines offer superior speed and efficiency in cryptocurrency mining compared to general computing hardware. As of December 31, 2023, the company had a fleet of more than 33,750 ASIC-based mining machines.
In 2023, the company deployed approximately 2,750 BlockMiners at its Quebec facilities. The BlockMiners, which utilize the Intel Blockscale ASIC, are comparable in performance and efficiency to the Bitmain Antminer S19J Pro.
Mining Pools
The company contributes 100% of its hash power to mining pools. The company mines Bitcoin through the Foundry USA Pool, which represents approximately 31% of the total Bitcoin network hashrate. The company’s decision to contribute hash power to a particular mining pool is based primarily on the net payout per petahash contributed. Fees (and payouts) fluctuate and is typically less than 0.3% per reward earned, on average.
Marketing and Research and Development
The company utilizes traditional media and social media channels for its marketing and communications effort, which are principally focused on keeping its investors and other stakeholders informed and up-to-date regarding our operations. The company has developed and may continue to research and develop certain proprietary technologies for purposes of optimizing and enhancing its cryptocurrency mining operations.
Seasonality
The company’s annual and quarterly operating results have the potential to be significantly affected by seasonality related to weather and the related energy commodity price volatility.
History
The company was founded in 2017. The company was incorporated in 2017. The company was formerly known as GoSun Blockchain Limited and changed its name to Argo Blockchain plc in December 2017.