Argo BTC Miner Raised Hashrate Tanks To Intel Mining Chips

The Argo BTC miner raised the hashrate thanks to the intel mining chips and the miner sees a 2022 hashrate at 5.5 EH/s from the previous 3.7 EH/s so let’s read more today in our latest Bitcoin news.

The ARGO BTC miner raised the 2022 hash rate by almost 50% from the previous guidance of 3.7 EH/s which was mostly driven by the mining rigs that use Intel’s new chips. CEO Peter WAll said:

“With our mining operations at Helios expected to commence in May, along with the development of custom mining machines using Intel’s next-generation Blockscale ASIC chips, Argo is well-positioned to continue its growth with a focus on delivering for our shareholders.”

Chip giant Intel launched the second generation bitcoin mining chip dubbed Intel Blockscale ASIC which offers miners more efficient mining rigs than most other models available in the market. BTC miners Argo Blockchain, Grid, and Hive Blockchain will be among the first customers to receive the new Blockscale ASIC. The miner said that the initial 200 megawatts out of the capacity of the top 800 MW for the Helius projects in Dickens County are expected to be operational in May. The additional capital spending to complete the first phase is expected to get a range of $125 million to $135 million that will be funded through debt and proceed from selling a portion of mined BTC. Argo also expects to grow the hashrate beyond 2022 over the next few years and add additional 600 MW capacity to the Helios facility. Argo reported 2021 sales of $100.1 million which beat the average analyst estimate of $98.3 million and in 2021, the net income was $41.5 million which is lower than the consensus estimate of $45.3 million.

As recently reported, Intel decided to enter the blockchain race after competitor Nvidia released a graphic card for ETH miners in February 2021. Intel plans to release blockchain accelerators later this year and has lined up some other companies lined up for buying according to the blog post by Raja M, Koduri who is the senior vice president of the company. Among the first customers for the accelerators which help facilitate energy-efficient crypto mining are Argo and Block as well as Griid Infrastructure. Koduri who is also the general manager of the chip maker’s Accelerated Computing Systems and Graphics but didn’t go into too many technical details.