Sam is a trader and one of our lead stock analysts at AskTraders. After starting his career predominantly in the forex markets, Sam now focuses on gold and stocks with a preference for macroeconomic analysis.
Shares of Argo Blockchain (LON: ARB) are climbing on Wednesday after the company announced it has signed a contract with Navier Inc to co-develop Argo's new mining facility, Helios, in West Texas.
Navier, a specialist in the design and construction of cryptocurrency mining facilities, will provide consulting services for Argo's new facility design and construction, including electrical infrastructure capable of supporting 200MW of mining.
Argo said that Navier will also assist the company in installing next-generation immersion technology, which is intended to increase mining productivity, control heat, and extend the life of installed mining rigs.
Argo will pay Navier a monthly retainer as part of the deal and issue Navier with certain warrants.
Argo’s share price is trading13.79% higher at 165p following today’s news after Tuesday’s 7% rise.
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