Bitcoin miner ArgoBlockchain lowered its 2022 hashrate guidance by 42% due to delay in deploying Intel’s mining rigs. Reports Aoyon_A
“The revision to our hashrate guidance reflects our current expectations for delivery and deployment of the custom machines we are developing with ePIC Blockchain Technologies that utilize the Intel Blockscale ASIC chips,” said CEO Peter Wall. “We have worked closely with ePIC and Intel to modify the machine design to increase total mining efficiency, which has delayed our expected deployment schedule,” he added.
Miner Hive Blockchain and Griid Infrastructure as well as technology giant Block were also among the first customers to receive the new Intel Blockscale ASIC. Argo’s revenue from mining in the first half of the year was $32.5 million, down 14% from the same period last year, mainly due to lower bitcoin prices and an increase in the global hashrate and associated network difficulty. Adjusted EBITDA for the first half of 2022 fell 28% from the year-ago level to $20.9 million.
Shares are down about 4% in post-market action on Wednesday and remain lower by about 60% on a year-to-date basis.
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