From one hand to another – Argo Blockchain and Core Scientifc exchange their bitcoin (BTC) mining machines. This unusual process is part of Agro Blockchain’s preparations to implement its new strategic choices in terms of cryptocurrency mining.
Bitcoin Miner Exchange Between Agro Blockchain and Core Scientific
Agro Blockchain published in a press release dated March 14, 2022, an agreement to exchange thousands of bitcoin miners between the company and Core Scientific. Argo wants to get rid of its mining machines hosted by third parties like Core. The company wants to operate its own mining farms, a reorientation that would allow it to reduce costs in particular.
As part of this exchange agreement, Core will take delivery of Argo’s existing Bitmain Antminer S19s that are already hosted on the company’s site. These miners deliver a power of 958 petahashes per second (PH/s). Each Antminer S19 has a maximum hash rate of 95 terahashes per second (TH/s), so Core will receive approximately 10,000 units of these mining machines.
Argo will receive approximately 9,000 Units Bitmain Antminer S19J Pro Bitcoin Miners previously ordered by Core, with a total capacity of 967 PH/s. These Antminer S19J Pro are for Helios, the 800 megawatt mining rig in Texas built by Argo. They will deliver 60% of the total extraction capacity of the operation.
Batch shipments of Bitmain Antminer S19J Pro miners for Argo, are scheduled between May and July 2022. Argo will need to manage this exchange in such a way as to avoid significant losses in its hash rate during this fleet exchange.
This problem does not arise for Core, which should not fear a loss of hashing power, since the Bitmain Antminer S19s it must receive are already hosted on its site.
Argo Blockchain continues its strategic transformation to better leverage bitcoin mining. In terms of innovation, he is one of the mining companies that wants to buy ASIC chips from Intel that are supposed to make cryptocurrency mining more efficient.
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