Argo Blockchain Plans to start Operations at its Flagship Facility

As of 8:55 UTC, Argo shares had risen as much as 12 percent to 67.5 pence ($0.84) in London trade.

In its initial operation phase, Helios is expected to generate 200 megawatts (MW), increasing Argo's computational power by 243 percent to 5.5 exahash per second (EH/s), according to the application. Helios will use an extra 600MW in its second phase to reach 20 EH/s.

Argo declined to say when or at what capacity the mine will begin operations. According to a spokeswoman, "most of that information has to come through market disclosure."

It announced that the delivery and installation of the 20,000 Bitmain S19J Pro mining machines it purchased in September 2021 had begun. Some units have yet to be delivered, but they should be here by October.

According to the filing, installing a new batch of Bitmain S19J Pro mining rigs received through a machine swap with Core Scientific has begun and will continue through July.

Argo Blockchain Borrowed $70.6 Million

Argo Blockchain (is borrowing $70.6 million from a subsidiary of New York Digital Investment Group (NYDIG) to buy mining equipment for its Helios facility in Texas.

In March, Argo, which has a market worth of $385 million, announced another $26.6 million loan from NYDIG, bringing the total amount borrowed from the firm to $97.2 million.

The Helios facility in Dickens County, near the Texas Panhandle, is expected to run at 200 megawatts (MW) of energy, but it can be scaled up to 800 MW, making it one of the world's largest crypto mines. The firm is one of a few that has purchased Intel's (INTC) new mining processors.