Key points:
- Argo Blockchain shares rallied 10.6% after opening its Helios Facility.
- The new facility will raise Argo’s hash rate to 5.5 EH/s by 2023.
- Investors cheered the news, as evidenced by the rally in ARB shares.
The Argo Blockchain PLC (LON: ARB) rallied 10.6% after the cryptocurrency mining company announced that its Helios facility had been connected to the grid; hence, it is now energised and will commence mining operations next week.
Also read: The Best Undervalued Stocks To Watch In 2022.
Investors cheered the announcement even as the miner officially launched the facility in Dickens County, Texas. The company said that it had started receiving some of the 20,000 Bitmain S19J Pro mining machines bought in September 2021, and they were currently being installed.
The mining machines will be delivered in batches between May and September 2022. Ago has started receiving some of the Bitmain S19J Pro mining machines from Core Scientific following the machine swap agreement signed by the two firms.
Investors were excited to hear that Argo’s hash rate is expected to expand 253% and reach a high of 5.5 EH/s before the year ends. In addition, the Helios facility will become fully operational as all the ordered mining machines are delivered and installed.
The Helios facility will use up to 200 MW of electricity annually and is expected to be one of the world's most extensive immersion-cooled mining operations. Immersion cooling is a better operating model since it extends the lifetime of mining machines since they are not exposed to dust and debris.
Peter Wall, Argo Blockchain’s CEO, said: “I’m extremely grateful to everyone who has been involved in the planning and execution of Helios. We started construction on the facility in July 2021, and it is a tremendous achievement that the site will commence mining operations in less than 12 months.”
Adding:
“I want to extend my thanks on behalf of Argo and all our shareholders to the team and their tireless efforts and communal drive to realise Argo's vision for Helios. The opening of Helios marks an important step for the Company, as we continue to implement new, ground-breaking technology, significantly upscale our operations and continue to strengthen infrastructure.”
The Helios facility will rely exclusively on electricity from sustainable and renewable sources reducing Argo’s carbon footprint.
*This is not investment advice. Always do your due diligence before making investment decisions.
Argo Blockchain share price.
Argo Blockchain share rallied 10.65% to trade at 67.50p, rising from Wednesday’s closing price of 61p.