By Joe Hoppe

 

Argo Blockchain PLC said Friday that it has entered a strategic hosting services agreement with an undisclosed third party, receiving 25% of net profits from Bitcoin mined by hosted mining machines.

The London-listed cryptocurrency miner said that, as part of the agreement, it will host and operate mining machines owned by the third party at its Helios facility in Texas. Argo has committed to provide the party with up to 32 megawatts of power capacity, enough electricity to power more than 10,000 machines.

The company said that in August it had mined 235 Bitcoin or Bitcoin equivalents, compared to 219 in July. Based on daily foreign exchange rates and that month's cryptocurrency prices, mining revenue rose to 4.4 million pounds ($5.1 million) from GBP3.9 million in July.

Shares at 0715 GMT were up 2.4 pence, or 6.9% at 37.0 pence.

 

Write to Joe Hoppe at joseph.hoppe@wsj.com

 

(END) Dow Jones Newswires

September 09, 2022 03:39 ET (07:39 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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