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Argo Blockchain, a publicly traded Bitcoin miner, lowered its year-end 2022 hashrate, or mining power capacity, guidance to 3.2 exahash per second (EH/s), a 42% decrease from previous guidance of 5.5 EH/s.
Peter Wall, the CEO, said in a statement, that the revision to our hashrate guidance is a reflection of our expectations for delivery and deployment of the custom machines that we are developing in partnership with ePIC Blockchain Technologies. ePIC uses the Intel Blockscale ASIC chips.
What Will Change?
He added that the machine is designed for increasing the total mining efficiency, which is the major cause behind the delay in the expected deployment schedule. By the end of 2023’s first quarter, the company expects hashrate to reach upto 4.1 Eh/S.
Argo miners are among miners who received chip giant Intel’s (INTC) second-generation Bitcoin(BTC) mining chip named as “Intel Blockscale ASIC.” ASIC is said to provide miners with more efficient rigs in the market. The company increased its year-end hashrate guidance to 3.7 EH/s to 5.5 EH/s. Now, it expects the timely delivery of the mining rigs.
Grid Infrastructure and Miner Hive Blockchain (HIVE) alongside well-known tech firm Block (earlier called Square) are the very first customers to receive the new “Intel Blockscale ASIC.”
Argo’s revenue from mining in the first half of the year was recorded to be $32.5 million. It is 14% less from the same period last year. The major reason behind it is the lower Bitcoin prices and a rise in the associated network difficulty and global hashrate.
Meanwhile, adjusted EBITDA for the first half in 2022 fell 28% from the year-ago level to $20.9 million. On Wednesday, 24 August, shares in post-market action were down about 4% and continued to be lower. It is about 60% on a year-to-date basis.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
