Argo, a Bitcoin mining company, raised its 2022 hashrate guidance from 3.7 exahash per second (EH/s) to 5.5 EH/s. This increase of almost 50% comes thanks to mining rings that use Intel's new chips.
"With our mining operations at Helios expected to commence in May, along with the development of custom mining machines using Intel's next-generation Blockscale ASIC chips, Argo is well-positioned to continue its growth with a focus on delivering for our shareholders", said CEO Peter Wall in a statement.
Intel launched its second-generation Bitcoin mining chip called "Intel Blockscale ASIC" on April 4. The chip will offer miners more efficient mining rings than most available in the market.
Argo Blockchain, Hive Blockchain and Griid Infrastructe as well as Block (formerly Square) will be among the first customers to use the new Intel Blockscale ASIC.
Beyond 2022, Argo expects to grow its hashrate to more than 20 EH/s over the next few years as additional 600MW capacity at its Helios facility comes online.
In 2021, Argo reported $100.1 million in sales, which beat the average analyst estimate. Its net income in 2021 was $41.5 million, lower than the consensus.