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 Alternate 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. Though Argo upgraded its hashrate outlook for the yr 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 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 mentioned within the video.
Intel’s mining semiconductors may 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 prospects for Intel’s new mining chips.
Learn extra: Crypto Miner Hive Blockchain Promoting Ether to Pay for Intel Mining Rigs
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