Bitmain to Deploy 200k Miners

Company is going to depoy it in Chinese provinces with cheap electricity tariffs, especially in summer
22 March 2019   467

In anticipation of the summer decline in the cost of electricity, the largest manufacturer of mining equipment Bitmain intends to increase production capacity in the southeastern provinces of China. It is reported by CoinDesk, citing sources familiar with the situation.

Bitmain plans to place 200 000 mining devices in regions with excessive hydropower resources, where in summer there is a seasonal reduction in tariffs. For this, the Chinese giant is negotiating with mining farms from Yunnan and Sichuan provinces to place their equipment with them.

Mainly new models of miners - Antminer S11 and S15. An insignificant part of the production capacity will be generated by older devices - AntMiner S9i / j. It is not yet known exactly which cryptocurrencies based on the SHA-256 algorithm will be used to power these devices.

According to local mining operators, in the summer the cost of a kilowatt of electricity in the southeastern provinces is $ 0.037. Thus, the daily profits of the S9j, S11 and S15 devices should be $ 1.29, $ 2.24 and $ 3.38, respectively. Even if all 200 000 miners are the old and not the most efficient S9j model, the total profit per month will be about $ 7.7 million.

Based on the prices of mining devices on the Bitmain site, the total cost of the equipment planned for placement will be $ 80-100 million.

Argo to Report on Mining Profitability Increase in Q2

It was also reported that by the end of June, company owns about £ 3 million in crypto assets, which is 7.7% higher than expected
03 July 2019   283

The British mining company Argo Blockchain published a financial report for the second quarter of 2019, according to which its revenues increased significantly in the second quarter, exceeding its own expectations.

So, in comparison with the previous report, published in early June, the income from mining Argo Blockchain increased by 24%. The increase in profitability from mining at the same time turned out to be proportional to the increase in the Bitcoin price observed during the recent period.

The Company now expects to generate 161 BTC, or GBP1.38m of cryptoassets, in June based on a BTC price of $10,817.16 USD as of 30 June 2019. This is an increase of approximately 101% from the Company's May mining results and represents a mining margin of roughly 81%. The Company considers that this demonstrates that the Company is one of the most efficient miners in the market.

Argo Blockchain Team

Argo Blockchain also said that as of the end of June, the company owns about £ 3 million in cryptocurrency assets, which is 7.7% higher than expected.

Also Argo Blockchain intends to expand its activities. In particular, the company plans to deploy another 2500 miners in Quebec by the end of the third quarter, which is also expected to significantly increase revenues.

Our better-than-expected mining performance reflects both improving industry conditions as well as Argo's business strategy, which has enabled it to rapidly ramp up operations and thereby take full advantage of the upturn. As a result, we enter the third quarter with a strong momentum to deliver further growth and improving mining efficiency.

Mike Edwards

Executive chairman, Argo

It should be noted Argo Blockchain was the first cryptocurrency company, the placement of shares of which was approved by the London Stock Exchange last June.