LONDON, UK: Argo Blockchain plc, a global chief in cryptocurrency mining (NASDAQ: ARBK) has signed a fleet swap settlement with Core Scientific Inc. (NASDAQ: CORZ).
The settlement exchanges Argo’s Bitmain Antminer S19 series bitcoin mining fleet hosted at Core for S19J Pro bitcoin miners beforehand ordered by Core to be delivered on to Argo’s new Helios facility. This fleet swap represents roughly 60% of Argo’s total mining capability and can reduce operational bills for Argo as a half of its ongoing transition to working its personal mining facilities.
The settlement stipulates that Core will ship the brand new S19J Pro machines (representing a nameplate capability of roughly 967 PH/s), to Argo’s Helios facility in Dickens County, Texas and Argo will assign its existing fleet of Bitmain Antminer S19 mining machines (representing a nameplate capability of roughly 958 PH/s) to Core. The deal additionally provides for the mutual termination of Argo’s internet hosting agreements.
To mitigate any temporary lack of hashrate for Argo, the swap of miners will happen in stages because the machines are delivered, which is anticipated to be between May and July of 2022. Upon completion of the swap, Argo will no longer have any mining machines hosted at third party facilities. The settlement will imply the Company additionally avoids the logistical problem and downtime related to relocating its existing machines hosted by Core to its Helios site.
Peter Wall, Chief Executive Officer of Argo, said: “The settlement with Core marks the ultimate step towards our strategic goal of proudly owning and working all our miners, a path which we selected to pursue in 2020. While we have been happy with the efficiency of our miners hosted with Core, this settlement permits us to improve our existing fleet and strengthen our mining infrastructure, whereas greatly reducing the operational risk of relocating between facilities. Finally, we greatly appreciate the internet hosting services provided by Core Scientific, in addition to their flexibility in supporting our technique shift.”
Mike Levitt, Chief Executive Officer of Core, said: “We are happy to accommodate our long-time buyer Argo, and we’re happy that this transaction advantages each events whereas accelerating the expansion of the Core Scientific self-mining fleet.”
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