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Argo Blockchain

Overview

Argo Blockchain is a blockchain infrastructure company founded in 2018. Its main revenue comes from Bitcoin mining, but it also mines and validates other crypto currencies. The company had its initial IPO on the London Stock Exchange in 2019, and was dual listed on the Nasdaq in 2021. Based in London, its CEO is Peter Wall and its primary mining facilities are in Quebec, Canada, and Texas, the United States.

History

Argo began its operations in Canada in 2018, initially offering mining-as-a-service products to consumers. In early 2019, the company pivoted to full-scale mining and the accumulation of mined Bitcoin. . Listing on the London Stock Exchange in 2018, it quickly acquired new machines and installed them near hydroelectric facilities in Quebec, notably Gatineau, Baie Comeau, and Mirabel. By the end of 2019, it had 17,000 machines online for a total of 630 petahash, mining 1330 Bitcoin by year’s end, resulting in an 11-fold increase in revenue.

In 2020, the company applied to list its stock on OTC markets and began trading in February of 2021. Its revenue in 2020 increased 120% from the previous year, mining 2,465 Bitcoin with a total petahsh of 787.

In March of 2021, Argo Blockchain purchased 320 acres of land near a power substation in Texas. Later that year, it began construction of a new mining facility using immersion cooling. In October of 2021, Argo listed on the Nasdaq stock exchange with an initial capital raise of $112.

Argo is one of the founding members of the Bitcoin Mining Council (BMC).

Operations

Argo currently operates three Bitcoin mining facilities in North America: two in Quebec and one in Texas. In addition, Argo provides blockchain security by running Ethereum nodes, Solana validators, and other types of decentralized consensus mechanisms.

Immersion Cooling

Argo is currently building one of the world’s largest immersion cooling facilities in Dickens, Texas. This unique cooling system uses a dielectric fluid.

Argo Labs

In January 2021, Argo presented its labs division, dedicated to developing cryptocurrency infrastructure beyond proof-of-work mining. Argo Labs is currently involved with several blockchains, including Ethereum, Solana, Polkadot, and Cosmos.

Argo's Facilities

Helios

Helios is Argo’s flagship facility based in Dickens County, Texas. This 100,000 square foot data center is capable of running up to 800 MW of mining machines and is currently being built to capacity. Up to 200 MW capacity can be reached in 2021, using Argo’s proprietary immersion technology which allows for cost-effective, high-speed mining in warmer climates. Once fully online, it will be one of the world’s largest immersion mining facilities.

Baie Comeau

Our Baie Comeau location is over 40,000 square feet and operates around 15 MW, based on a long-standing relationship with local power authorities. The Baie Comeau hydroelectric dam generates 100% renewable power. Argo purchased the Baie Comeau facility from GPUOne in 2021 as part of our drive to wholly-owned data center business model.

Mirabel

Mirabel was Argo’s first large-scale mining facility and is still home to numerous operations. At 20,000 square feet, it is our smallest data center, but also hosts our cleaning and repair center as well as servers for proof-of-stake mining and other blockchain infrastructure needs.

Argo Blockchain Mirabel Bitcoin Mining Facility

References

Category:Bitcoin Mining Category:Bitcoin Mining Company Category:Bitcoin Mining Stock Category:Bitcoin Category:Bitcoin companies Category:Blockchain Company Category:Blockchains