Bitcoin miner Argo slashes hash rate growth estimate by 42%

Quick Take

  • Bitcoin miner Argo updated its end-of-the-year hash rate guidance from 5.5 to 3.2 EH/s.
  • The company also reported a pre-tax loss of £36.9 million ($44.9 million) in the first half of 2022.

Bitcoin miner Argo Blockchain is slowing down growth for the remainder of the year.

The company plans to reach a hash rate of 3.2 exahash per second (EH/s) by the end of 2022, it said Wednesday. That's 41.8% down from what it had announced with its first-quarter results. Its hashrate was 2.2 EH/s at the end of July.

The change reflects current expectations for the delivery and deployment of the custom machines using Intel's Blockscale ASIC chips, Argo CEO Peter Wall said in a filing with the US Securities and Exchange Commission.

"We have worked closely with ePIC and Intel to modify the machine design