Argo Blockchain signs priority agreement with ASIC maker
Argo Blockchain (LSE: ARB) has signed an agreement with a Canadian ASIC miner manufacturer that gives it priority access to block reward mining machines for the next two years. The London-listed firm inked the deal with ePIC Blockchain Technologies, committing to an initial $8 million mining rigs purchase.
Argo announced that it had signed the commercial supply and collaboration deal in a press release. As part of the deal, Argo will have priority on all future production runs by ePIC globally till 2022. Argo will also assist in the development and testing of future products and have the first right of refusal to purchase additional products.
ePIC will deliver the $8 million worth of mining rigs in Q4 2021. “The companies will also work together throughout the development process to build machines specifically to Argo’s specifications,” the press release added.
Argo Blockchain CEO Peter Wall said, “This partnership will not only give Argo priority in accessing the most advanced mining infrastructure available, but it also highlights our reputation within the sector as an innovative and forward-thinking cryptocurrency miner. By working with a world-class supplier of ASICs at the development and R&D phase to collaboratively create machines to our own specification, it will only further our technical capabilities and efficiency in our mining operations.”
Based in Toronto, ePIC extends beyond the digital currency industry, producing semiconductors for a number of leading global companies. Some of its clients include AMD, Nintendo, Sony, Microsoft, Google, Qualcomm and ATI.
Commenting on the partnership, ePIC’s CEO Henry Quan stated he believes it will establish North America as a rival to miners in Asia. He added, “The teams at ePIC and Argo are strategically aligned in the quest to deliver innovative solutions and efficiencies only made possible through a close partnership. This vertical integration of sorts enables the lockstep delivery of advanced blockchain platforms combined with datacenter excellence.”
Argo has been expanding its operations in recent months. As CoinGeek reported, the firm announced plans to open a 200-megawatt block reward mining facility in Texas. It entered into an agreement to purchase 320 acres of land in West Texas for $17.5 million.
See also: TAAL’s Jerry Chan presentation at CoinGeek Live, The Shift from Bitcoin “Miners” to “Transaction Processors”
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