Bitcoin Miner from Wall Street Deploys 7,800 Bitcoin Miners in Tennessee-Quebec Split

The publicly listed miner from Wall Street, Argo Blockchain (LSE: ARB, NASDAQ: ARBK) has secured a hosting arrangement with Merkle Standard LLC for its mining equipment in Memphis, Tennessee, while allocating additional units to its Quebec facility.

Under the agreement, Merkle Standard will host 5,293 S19J Pro miners at its Tennessee location, with deployment scheduled for February 2025 under a minimum one-year term. Concurrently, Argo will install 2,500 S19J Pro miners at its Baie Comeau, Quebec facility.

The miners, previously operated at the Helios facility, are undergoing technical conversion from immersion-based to air-cooled systems. Argo indicates the refurbishment process should complete by March’s end, with units shipping to both locations during February.

These deployments account for approximately one-third of the 23,000 miners previously hosted at Helios. The company reports ongoing discussions with Merkle regarding potential expansion of the current hosting arrangement.

According to the announcement, Argo’s hashrate will increase progressively through February as the miners become operational. The company continues to explore hosting options for its remaining mining equipment.

Our December operational update is out:

🔸Mined 39 Bitcoin in December.

🔸Daily production was 1.3 Bitcoin per day consistent with November.

🔸Mining revenue of $3.9 million, an increase from $3.4 million in November.

🔸We are currently evaluating alternative site options to…

— Argo (@ArgoBlockchain) January 7, 2025

CEO Departs

Moreover, Thomas Chippas, Chief Executive Officer of Argo Blockchain, will step down from his position and resign his seat on the board effective February 28, 2025. He assumed his leadership role in late 2023, when both the broader cryptocurrency market and the mining industry were under considerable strain.

During his tenure, Chippas oversaw significant financial improvements at the dual-listed crypto miner. These included paying off the Galaxy loan ahead of schedule and strengthening the company’s overall balance sheet. Although Argo’s footing has improved, challenges remain evident: the firm’s third-quarter 2024 report showed a net loss of $6.3 million, reflecting ongoing market headwinds and tightened mining margins.

In December, Finance Magnates reported that Argo secured £4.2 million (approximately $5.3 million) through a share subscription. The company issued about 76.9 million new ordinary shares at 5.5 pence per share to an institutional investor. This infusion of funds supports key initiatives, such as moving or selling mining equipment from the Helios facility in Texas and continuing Bitcoin mining operations in Quebec. Argo is also exploring an expansion into high-performance computing (HPC).