Argo Blockchain Purchased Land In Texas To Expand Mining Operations

Argo Blockchain purchased 320 acre land in Texas in order to expand its mining operations and the acquisition will allow the company to access 200MW of cheap and renewable electrical power so let’s read more in our latest blockchain news today.

The publicly-listed mining company Argo Blockchain finalized the purchase of its new 320 acre land plot in West Texas, United States which will be used for the construction of a new 200 NW crypto mining facility.  The news of the acquisition broke in mid-February after Argo entered a letter of Intent with the DPNLLC of New York and the details showed that the acquisition was completed with an initial price of $5 million and a satisfying amount of new shares worth $3.5 million In Argo to DPN shareholders. Further payments of shares worth up to $12.5 million will happen once the milestones are fulfilled.

The crypto miner which is based in London, trading on the London Stock Exchange with the ARB Ticker, used cheap hydroelectric power in Canada for its mining operations but in January, the company raised more funds from institutional investors to purchase new hardware and to contribute towards financing the expansions.

The chief Executive Peter wall said that the new site in Texas will provide the company with more access to the cheapest renewable energy across the world in a location where the innovation in new technologies is incentivized:

“[The acquisition] provides Argo with an excellent opportunity to make a very significant expansion to our current mining capacity. It also highlights the opportunities for miners within the US to build out their mining capabilities at some of the most competitive electricity rates globally.”

Cheap energy production in Texas is one of the main factors contributing to the rising reputation of the country and it also becomes a popular jurisdiction for blockchain firms in the US because there are plenty of crypto companies already there. A trade associate dubbed the Texas Blockchain Council, formed in 2020 with a goal of coordinating a “Blockchain Caucus” to promote blockchain-friendly initiatives and legislation at a state level.

Argo focuses on mining BTC and Zcash with plans to construct its 200 MW mining facility in the next year. After the acquisition, it will have access to up a total of 800 MW of power. Wall commented that Argo understands the Texas power grid challenges and opportunities but it is still a great place to build a facility.