Argo Blockchain (LSE: ARB) will work with ePIC Blockchain, a Canadian blockchain {hardware} producer, to design and construct crypto mining rigs utilizing Intel’s new second-generation bitcoin mining chips, Argo stated Tuesday.
The announcement comes as Argo’s inventory has been sliding on the London Inventory Alternate over the previous six months, with different publicly-traded miners experiencing the same downturn as bitcoin has declined sharply in worth and margins have tightened. Regardless that Argo upgraded its hashrate outlook for the 12 months in April, it noticed a 25% drop in bitcoin mined in Might.
The ePIC partnership is an extension of a 2021 deal during which Argo Blockchain agreed to purchase $8 million price of ePIC’s mining rigs, CEO Peter Wall stated in a taped message posted on Argo’s YouTube channel on Tuesday.
Wall in contrast constructing customized mining machines to purchasing a Dell pc versus an Apple Macbook, saying it is cheaper on a greenback per terahash foundation and permits Argo to have granular management of the rigs.
“It is a sport changer,” the CEO stated within the video.
Intel’s mining semiconductors might break an efficient duopoly on the mining rig market during which two producers – Bitmain and MicroBT – reign supreme.
Block (SQ), Griid Infrastructure and Hive Blockchain (HIVE) are set to be the primary prospects for Intel’s new mining chips.
Learn extra: Crypto Miner Hive Blockchain Promoting Ether to Pay for Intel Mining Rigs
