Bitcoin (BTC) miner Argo Blockchain (ARBK) looks to raise $25 million to $35 million to fund expansion and reach its target of 4.1 exahash/second (EH/s) hashrate, a measure of computing power on the Bitcoin network, by the first quarter of next year, CEO Peter Wall said during a investor call on Thursday.
On Wednesday, Argo lowered its 2022 hashrate expectations from 5.5 EH/s to 3.2 EH/s, citing delays in the delivery and deployment of Intel's (INTC) Blockscale ASIC chips because Intel is redesigning them. The redesign is meant to increase the efficiency of the machines, close to Bitmain's Antminer S19 XP, whereas before they were geared towards higher hashrate, Wall said in the call.
The CEO also disclosed that the firm has cut back its order from Intel. The machines, designed in collaboration with ePIC Blockchain, will arrive in the first quarter of next year, he said. There are some good "non-traditional" opportunities for raising capital, but shareholders will be "taken care of"...
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