Argo, a UK-based London Stock Exchange (LSE)- listed provider of enterprise-scale cryptocurrency mining services has announced its plans of increasing its power supply, with the aim of becoming the world’s largest mining firm by 2020.
The company recently revealed its plans of upgrading its power supply in order to run more mining machines, thereby boosting its total bitcoin mining capacity.
According to the official announcement on Tuesday, Argo has signed a three-year deal with Canadian colocation data center GPU.one, an arrangement which was reached in order to increase its access to clean power supply from 14 megawatts to 64 megawatts. The increase in power supply will also boost their bitcoin (BTC) mining capacity from 505 petahash (PH) to 1.36 exahash (EH).
According to the firm, the new agreement will be funded out of the gains made from their bitcoin mining from their existing Quebec-located mining facility and other facilities located in eastern Canada. The agreement covers a three-year period from June 25th, 2019, with an option to extend thereafter for additional two years.
Speaking on the development, Mike Edwards, Executive Chairman of Argo, said:
“We are taking another major leap in expanding our mining capacity as the cryptomining industry goes from strength to strength. By 2020, our aim is for Argo to be both the most efficient and the largest publicly listed crypto miner in the world.”
Argo, Blockchain plc, headquartered in London, UK is a global data centre business that provides a purpose-built and flexible platform for mining of leading cryptocurrencies for enterprise-scale and institutional sectors worldwide from operational centres in Canada.