Bitcoin Mining Arms Race Intensifies as UK Firm Joins Global Expansion Efforts

Bitcoin miners around the world are clearly optimistic about the future of cryptocurrency. A series of huge mining operations have come to light in past weeks, with the most recent being a 240 percent expansion of the UK-based Argo Blockchain company.

Argo Blockchain has just announced that it has replaced an existing order for new hardware with a much larger one. According to a press release published by Investegate.co.uk, the company had previously ordered 5,000 Antminer S17s, but have upgraded to a massive order for 10,000 of the more powerful, cutting-edge Antminer T17 machines.

The amended order will represent a 240 percent increase in the hashing power of Argo’s mining operation.

The Executive Chairman of Argo Blockchain, Mike Edwards, commented on the expansion:

“This amended order represents another significant expansion of our mining infrastructure to become the world’s biggest publicly listed cryptominer. Moving from the S17 to the T17 increases our mining output considerably.”

Edwards went on to describe the company’s increase in power as an effort “to take advantage of favorable industry conditions.”

Bitcoin Mining Still Booming

Argo isn’t the only cryptocurrency mining operation that is planning a massive expansion. BeInCrypto recently reported on Russian Mining Company’s announcement to create a massive data center in a disused aluminum plant in the north of Russia.

Dmitry Marinichev, the founder of RMC and Russia’s internet ombudsman, stated that the facility would represent around 20 percent of the Bitcoin network’s entire hash rate. Presumably funding the operation will be money raised during RMC’s initial coin offering (ICO). Held in 2017, the public ICO concluded with the company raising more than $43 million. At the time, it was the most successful ICO ever held in Russia.

It is not immediately clear if Marinichev’s ambitions to command a fifth of the entire Bitcoin hash rate have factored in the mining expansion currently…

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