Argo Blockchain PLC Announces Baie Comeau and Helios Updates
Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) has announced two significant updates. First, the company has signed a non-binding LOI with BE Global Development to explore expanding its Baie-Comeau facility into high-performance computing (HPC), diversifying beyond Bitcoin mining into data processing and AI applications. This expansion will require additional financing and may need shareholder approval.
Second, Galaxy has informed Argo that it will not renew the current hosting agreement at the Helios facility beyond December 28, 2024. Galaxy plans to utilize the space for HPC operations instead. Argo is evaluating options for its fleet of 23,000 S19j Pro miners currently hosted at Helios.
Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) ha annunciato due aggiornamenti significativi. In primo luogo, l'azienda ha firmato una lettera di intenti non vincolante con BE Global Development per esplorare l'espansione della sua struttura di Baie-Comeau nel settore del calcolo ad alte prestazioni (HPC), diversificando oltre il mining di Bitcoin in elaborazione dei dati e applicazioni di intelligenza artificiale. Questa espansione richiederà finanziamenti aggiuntivi e potrebbe necessitare dell'approvazione degli azionisti.
In secondo luogo, Galaxy ha informato Argo che non rinnoverà l'attuale contratto di hosting presso la struttura Helios oltre il 28 dicembre 2024. Galaxy prevede di utilizzare lo spazio per operazioni HPC. Argo sta valutando le opzioni per la sua flotta di 23.000 miner S19j Pro attualmente ospitati a Helios.
Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) ha anunciado dos actualizaciones importantes. Primero, la compañía ha firmado una carta de intención no vinculante con BE Global Development para explorar la expansión de su instalación de Baie-Comeau hacia la computación de alto rendimiento (HPC), diversificándose más allá de la minería de Bitcoin hacia el procesamiento de datos y aplicaciones de IA. Esta expansión requerirá financiamiento adicional y puede necesitar la aprobación de los accionistas.
En segundo lugar, Galaxy ha informado a Argo que no renovará el actual acuerdo de hospedaje en la instalación Helios más allá del 28 de diciembre de 2024. Galaxy planea utilizar el espacio para operaciones de HPC. Argo está evaluando opciones para su flota de 23,000 mineros S19j Pro actualmente alojados en Helios.
아르고 블록체인(LSE:ARB)(NASDAQ:ARBK)이 두 가지 중요한 업데이트를 발표했습니다. 첫째, 회사는 BE Global Development와 비구속적인 LOI를 체결하여 바예-코모 시설을 고성능 컴퓨팅(HPC)으로 확장하는 방안을 모색하고 있으며, 비트코인 채굴을 넘어 데이터 처리 및 AI 응용 프로그램으로 다양화하고 있습니다. 이 확장은 추가 자금이 필요하며 주주 승인도 필요할 수 있습니다.
둘째, 갤럭시는 아르고에게 헬리오스 시설에서 현재의 호스팅 계약을 2024년 12월 28일 이후로 갱신하지 않을 것이라고 알렸습니다. 갤럭시는 이 공간을 HPC 운영에 사용할 계획입니다. 아르고는 현재 헬리오스에서 호스팅되고 있는 23,000개의 S19j Pro 채굴기를 위한 옵션을 평가하고 있습니다.
Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) a annoncé deux mises à jour importantes. Premièrement, la société a signé une lettre d'intention non contraignante avec BE Global Development pour explorer l'expansion de son site de Baie-Comeau vers l'informatique haute performance (HPC), diversifiant ainsi au-delà du minage de Bitcoin vers le traitement des données et les applications d'IA. Cette expansion nécessitera un financement supplémentaire et pourra nécessiter l'approbation des actionnaires.
Deuxièmement, Galaxy a informé Argo qu'il ne renouvellerait pas l'accord d'hébergement actuel à la structure Helios après le 28 décembre 2024. Galaxy prévoit d'utiliser l'espace pour des opérations HPC. Argo évalue les options pour sa flotte de 23 000 mineurs S19j Pro actuellement hébergés à Helios.
Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) hat zwei bedeutende Updates bekannt gegeben. Zunächst hat das Unternehmen eine nicht verbindliche Absichtserklärung (LOI) mit BE Global Development unterzeichnet, um die Erweiterung seiner Baie-Comeau-Anlage in den Bereich der Hochleistungsrechnersysteme (HPC) zu erkunden und sich über das Bitcoin-Mining hinaus in die Datenverarbeitung und KI-Anwendungen zu diversifizieren. Diese Erweiterung wird zusätzliche Finanzierung erfordern und könnte die Genehmigung der Aktionäre benötigen.
Zweitens hat Galaxy Argo darüber informiert, dass der aktuelle Hosting-Vertrag in der Helios-Anlage über den 28. Dezember 2024 hinaus nicht verlängert wird. Galaxy plant, den Raum stattdessen für HPC-Betriebe zu nutzen. Argo prüft Optionen für seine Flotte von 23.000 S19j Pro-Minern, die derzeit in Helios gehostet werden.
- Potential diversification into high-performance computing at Baie-Comeau facility
- Strategic expansion beyond Bitcoin mining into AI and data processing markets
- Loss of Helios hosting agreement with Galaxy ending December 28, 2024
- Uncertainty regarding future placement of 23,000 S19j Pro miners
- Additional capital expenditure required for Baie-Comeau expansion
Insights
The Baie-Comeau HPC expansion and Helios contract non-renewal represent significant strategic shifts for Argo Blockchain. The planned diversification into HPC infrastructure signals a potential pivot from pure Bitcoin mining toward broader computational markets including AI and data processing. However, this comes with substantial capital expenditure requirements and financing uncertainties.
The loss of the Galaxy hosting agreement at Helios facility for 23,000 S19j Pros miners is particularly concerning, as it affects a significant portion of Argo's mining capacity. This creates immediate pressure to find alternative hosting solutions or risk operational disruption by December 2024. The timing is challenging given current market conditions and industry-wide hosting capacity constraints.
The strategic benefits of entering the HPC market could be offset by execution risks and capital requirements. While diversification could reduce Bitcoin mining dependency, success depends on securing financing, implementation efficiency and establishing a competitive position in the crowded HPC market.
Baie Comeau, High Performance Computing and Helios Updates
LONDON, UNITED KINGDOM / ACCESSWIRE / November 7, 2024 / Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), is pleased to provide the following update:
Baie-Comeau and High Performance Computing (HPC)
Argo has entered into a non-binding letter of intent ("LOI") with BE Global Development Limited ("BE"), a specialist in HPC solutions, to explore a significant expansion at the Company's owned and operated Baie-Comeau facility. This proposed expansion would involve deploying advanced HPC infrastructure, which would diversify Argo's capabilities beyond Bitcoin mining into high-performance computing, positioning the Company to serve broader computing applications in data processing, AI, and other computationally intensive tasks.
The potential HPC expansion reflects Argo's commitment to leveraging its infrastructure, driving innovation and exploring strategic growth opportunities in emerging computational markets. The HPC expansion will require the Company to incur capital expenditure at its Baie Comeau site, which is anticipated to be met by additional financing, certain aspects of which may be subject to shareholder approval. The Company will keep shareholders informed as due diligence and financing discussions progress.
Thomas Chippas, Argo's Chief Executive Officer, said: "We are pleased to explore new possibilities for our North American operations with BE. This potential move into high-performance computing underscores our strategic focus on diversifying Argo's capabilities and positioning the company at the forefront of innovative computational markets, reinforcing our commitment to sustained growth and technological leadership."
Helios
Despite ongoing discussions with Galaxy to renew the Company's current hosting agreement at Helios, the Company was informed yesterday by Galaxy that it did not intend to renew the contract beyond the current end date of 28 December 2024. Galaxy has today also announced a non-binding term sheet to host HPC at its Helios facility utilising the space and power currently dedicated to cryptoasset mining. The Company is considering its options for its mining fleet, which stands at 23,000 S19j Pros, hosted at the Helios facility.
This announcement contains inside information.
For further information please contact:
Argo Blockchain |
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Investor Relations | |
Tennyson Securities |
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Corporate Broker Peter Krens | +44 207 186 9030 |
Fortified Securities |
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Joint Broker Guy Wheatley, CFA | +44 7493 989014 |
Tancredi UK & Europe Media Relations |
About Argo:
Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK) blockchain technology company focused on large-scale cryptocurrency mining. With mining facilities in Quebec, mining operations in Texas, and offices in the US, Canada, and the UK, Argo's global, sustainable operations are predominantly powered by renewable energy. In 2021, Argo became the first climate positive cryptocurrency mining company, and a signatory to the Crypto Climate Accord. For more information, visit www.argoblockchain.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Argo Blockchain PLC
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