LSE-listed crypto miner Argo to boost electricity supply by over 350%, aiming to become the world's largest by 2020

Mining • August 20, 2019, 5:30AM EDT
UPDATED: August 20, 2019, 5:34AM EDT
Victor Moussa / Shutterstock.com

The London Stock Exchange (LSE)-listed cryptocurrency mining firm Argo Blockchain is set to increase its electricity supply by 357%, aiming to become “the world's largest publicly-listed crypto miner by 2020.”

Argo has signed a three-year deal with Canadian colocation data center GPU.one, which will increase its access to clean power supply from 14 megawatts to 64 megawatts, according to an announcement Tuesday.

Argo said the addition of 50 megawatts of power will allow it to run up to 15,000 more mining machines concurrently, taking its total bitcoin (BTC) mining capacity from 505 petahash (PH) to 1.36 exahash (EH).

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“The new agreement will be entirely funded out of crypto mining proceeds from Argo's existing facilities in Quebec,” it added.

Argo raised about $32.5 million via an initial public offering (IPO) held on the LSE last August. The firm suffered a pre-tax loss of about $5 million in 2018.

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