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Argo Blockchain power ahead on new mining machines as Elon Musk backs bitcoin

The share price of Argo Blockchain (LSE: ARB) surged ahead by 25 percent in early trading after the cryptocurrency miner revealed that 1295 S19 and S19 pro miners were delivered ahead of schedule.

ARB’s installed computing power now stands at 772 petahash and by the end of the second quarter, it will expect to have doubled this to 1685 petahash.

Some 10,000 new mining machines are on order to achieve this increase in computing power and will be delivered in an agile fashion between February and June.

Commenting on the scale-up of mining machines was CEO Peter Wall who noted that the increase in computing power is vital to delivering long-term value to shareholders:

“We are very pleased that these machines have been delivered ahead of schedule. Our ongoing investment in new mining hardware puts us at the forefront of mining efficiency and ensures we continue to deliver a strong performance and create long-term value for shareholders.”

The share price of Arog Blockchain is currently at 90p following the update today – as it continues its ascent beyond its recent private placing price of 80p.

Elsewhere Elon Musk changed his Twitter biography to ‘Bitcoin’ which sent the price of Bitcoin higher by 20 percent, which is certainly a favourable development for Argo Blockchain! Gamestonk anyone?

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