Argo Blockchain buys 20K S19J Pro Antminers from Bitmain to operate Texas facility

London-based cryptocurrency miner Argo Blockchain (NASDAQ:ARBK) (OTCQX:ARBKF) agrees to purchase 20K Antminer S19J Pro machines from Bitmain Technologies to increase its hashrate by more than 2 Exahash. Argo Blockchain's ADSs (ARBK) jump 4.0% in premarket trading. The purchase agreement includes periodic installments before final shipment; the initial deposit is currently being funded by the company's cash reserves. The company plans to have the mining machines delivered and installed at its upcoming Texas facility in monthly batches from Q2 2022 through Q3 2022. Mining capacity is expected to be 1.7 Exahash by mid-Q4 2021 based on existing capacity and previous orders; it will bring total mining capacity to 3.7 Exahash by the end of Q3 2022. Earlier this month, Argo priced its initial public offering of 7.5M ADSs at $15.00/ADS for gross proceeds of $112.5M.