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 mentioned Tuesday.
The announcement comes as Argo’s inventory has been sliding on the London Inventory Trade over the previous six months, with different publicly-traded miners experiencing an identical downturn as bitcoin has declined sharply in worth and margins have tightened. Although 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 by which Argo Blockchain agreed to purchase $8 million value of ePIC’s mining rigs, CEO Peter Wall mentioned in a taped message posted on Argo’s YouTube channel on Tuesday.
Wall in contrast constructing customized mining machines to purchasing a Dell laptop 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 recreation changer,” the CEO mentioned within the video.
Intel’s mining semiconductors might break an efficient duopoly on the mining rig market by which two producers – Bitmain and MicroBT – reign supreme.
Block (SQ), Griid Infrastructure and Hive Blockchain (HIVE) are set to be the primary clients for Intel’s new mining chips.
Learn extra: Crypto Miner Hive Blockchain Promoting Ether to Pay for Intel Mining Rigs
