Argo Blockchain, increased the number of its crypto mining machines to 7,000, with plans to add additional 10,000 machines in 2020.
Argo to Increase Crypto Mining Machines by 10,000
The crypto mining industry saw a surge in interest due to recovering prices in 2019, with many of the miners who previously left the industry making a comeback. Crypto mining heavyweight Argo Blockchain, also saw some positive development, mostly in terms of upgrading their mining gear.
The company has been working on increasing its crypto miners, with quite an ambitious goal in mind. In a recent announcement, Argo stated that it plans to employ as many as 17,000 miners by the end of Q1 2020. The mining firm has already ordered 10,000 machines that should arrive in the following months.
Meanwhile, the UK crypto miner stated that the number of machines that are currently being used was already increased to 7,000. Once the additional 10,000 devices arrive — likely in batches, starting from early December — the company will reach its current goal of having 17,000 miners, total.
Argo Officials Optimistic About the New Investment
Argo Blockchain’s plans may seem ambitious at first, particularly since mining equipment can be pretty heavy on pockets. However, this industry saw quite an improvement in 2019, with many expecting that the trend will continue in 2020.
So far, 1,026 S17 Antminer machines, which were being used since May of this year, have already achieved a full payback on the investment, indicating that crypto mining is still very profitable. Argo’s executive chairman, Mike Edwards, commented on the new strategy by saying that the company wishes to ensure that the new mining hardware will deliver the strongest possible results.
Of course, crypto mining hardware itself is evolving and becoming stronger and more capable with release of improvised versions. That is why companies like Argo have to make major investments, in hopes that crypto miners will deliver results with their expectations. Doing so also creates long-term value for shareholders.
In other words, everybody wins. While it remains unknown how crypto prices might perform in 2020, experts appear to be optimistic, which is likely what inspired Argo to make such a decision.
Do you think that Argo is making the right choice by upgrading its crypto mining capacity? Let us know your thoughts down in the comments.
Images via Shutterstock, Bitcoinist Media Library
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