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Argo Blockchain to Build Intel-Based Bitcoin Mining Rigs With ePIC Blockchain
The partnership is an extension of a 2021 deal in which Argo agreed to buy $8 million worth of ePIC's miners.
Argo Blockchain (LSE: ARB) will work with ePIC Blockchain, a Canadian blockchain hardware manufacturer, to design and build crypto mining rigs using Intel's new second-generation bitcoin miningchips, Argo said Tuesday.
The announcement comes as Argo's stock has been sliding on the London Stock Exchange over the past six months, with other publicly-traded miners experiencing a similar downturn as bitcoin has declined sharply in value and margins have tightened. Even though Argo upgraded its hashrate outlook for the year in April, it saw a 25% drop in bitcoin mined in May.
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The ePIC partnership is an extension of a 2021 deal in which Argo Blockchain agreed to buy $8 million worth of ePIC's mining rigs, CEO Peter Wall said in a taped message posted on Argo's YouTube channel on Tuesday.
Wall compared building custom mining machines to buying a Dell computer as opposed to an Apple MacBook, saying it's cheaper on a dollar per terahash basis and allows Argo to have granular control of the rigs.
"It's a game changer," the CEO said in the video.
Intel's mining semiconductors could break an effective duopoly on the mining rig market in which two manufacturers – Bitmain and MicroBT – reign supreme.
Block (SQ), Griid Infrastructure and Hive Blockchain (HIVE) are set to be the first customers for Intel's new mining chips.
Read more: Crypto Miner Hive Blockchain Selling Ether to Pay for Intel Mining Rigs
Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
