Argo Partners With Core Scientific, Expands North America Mining Operation
- Core Scientific’s physical security and technical operations teams will support Argo’s mining machines at each site.
- Argo has prepared 8,878 digital asset mining machines for this operation, that will utilize the favorable climate and the competitive electricity prices in the region.
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On November 17, Core Scientific, one of North America’s largest digital asset mining infrastructure providers, announced its new partnership with UK-based Argo. The company will provide its hosting services to Argo’s Antminer S19s at their United States facilities.
Argo is a publicly-traded blockchain technology company, which is centered around running mining infrastructure for the world’s top blockchain networks. The company has various facilities across Europe, most of which are hydro-powered data centers with a reported collective capacity of 35 MW.
According to the announcement, Core Scientific will supply 8,878 digital mining machines, owned by Argo, with cost-effective electrical power. Moreover, the provider will conduct miner sourcing, logistics management, and white glove installation on account of Argo.
Core Scientific also stated that they have assembled a 24/7 physical security and technical operations teams, “dedicated to making repairs around the clock at each site”. Once the mining machines arrive at Core Scientific’s facilities, the team will be responsible for installing the units and employing fleet management and monitoring system Minder to allow for real-time data analytics and diagnostics.
- Core Scientific’s bankruptcy filing revealed the company had between $1 billion and $10 billion in assets, and the same amount in liabilities.
- The company is one of the largest Bitcoin miners in the world, and is responsible for around 10% of the computing power on the Bitcoin network through its 243,000 machines.
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- Bitcoin miner Core Scientific said in a SEC filing that it would require additional liquidity in order to continue operations past November 2023.
- The company, however, expressed doubts in its ability to raise funds through financing or capital markets due to “uncertainties and current market conditions”.
- The fresh $25 million BTC-backed loan will help Argo meet its cash flow requirements, and fund the expansion of its West Texas mining facility.
- The new agreement will see Argo Blockchain roll up both its loans into one, for a combined sum of $45 million, with a maturity date of 29 October.