The installation of new mining equipment continues apace with 1,000 Z11 and 2,269 S17 Antminers currently in production at Argo’s Quebec facilities
PLC (), a UK-based provider of enterprise-scale crypto mining services, generated 163 bitcoins in July.
That equates to £1.36mln of crypto-assets based on a bitcoin price of US$10,122 (as at the end of July).
The assets were mined at a mining margin of roughly 80%.
As part of the company’s previously announced expansion, an additional 7,000 state-of-the-art mining machines will be delivered and be in production by the end of the year.
The delivery and installation schedule of the new equipment is expected to result in a sequential month-on-month rise in Argo’s production capacity over the next five months to around 500 petahash by the end of the fourth quarter of this year, representing a 296% increase over current capacity.
“We are pleased with the mining results in July as they demonstrate that we can use our existing investment in people and facilities and add new mining hardware with no increase in staffing and no material increases in non-mining costs,” said Mike Edwards, the executive chairman of Argo.
“This operational gearing is very important as we triple our mining capacity over the next two quarters with no significant increase in non-mining costs,” he added.