Argo Blockchain buys 320 acres of Texas land to expand its mining operations

The listed mining company, Argo blockchaincompleted the acquisition of a New 320 acre property in West Texas, USA that you want to use the construction of a new 200NW cryptocurrency mining facility.

The news of the operation was known in mid-February, when Argo signed a purchase intent agreement with DPN LLC, from New York. The details of the transaction indicate this The acquisition was made at a starting price of USD 5 million, paid for by issuing approximately 3.5 million new Argo shares to DPN shareholders. Once the project requirements are met, a new share payment of up to $ 12.5 million will be made.

The London-based cryptocurrency miner listed on the London Stock Exchange under the ticker ARB, So far it has opted for its cheap hydropower in Quebec, Canada Cryptocurrency mining operations. Mid-January this year The company had raised funds through a private placement with institutional investors to purchase new hardware and help finance its expansion.

Argo Blockchain buys 320 acres of Texas land to expand its mining operations
Argo Blockchain buys 320 acres of Texas land to expand its mining operations

The managing director, Peter wallsaid the new location in Texas will be supplied by the company “Access to what we believe to be the cheapest renewable energy in the world, in a place where innovation in new technologies is encouraged and encouraged”. In agreement with Cointelegraph, Wall added that:

“”[La adquisición] offers Argo an excellent opportunity to significantly expand our current mining capacity. It also highlights opportunities for US miners to develop their mining capabilities with some of the world’s most competitive electricity tariffs. “

Indeed, Texas’s cheap and deregulated power generation is one of the key drivers of the state’s growing reputation as a popular jurisdiction for blockchain companies in the US, which are already well known names like Bitmain.

On the other hand, A trade association called The Texas Blockchain Council was founded back in November 2020with the aim of coordinating a “blockchain caucus” of legislators in the state parliament Promote initiatives and laws favorable to blockchain technology at the state level.

Argo who focuses Bitcoin (BTC) and Zcash (ZEC) mining, plans to build the 200 MW mining facility over the next 12 months. After the acquisition, it will have access to a total of 800 MW of electricity.

In response to Cointelegraph’s question about the potential impact of the recent and known power outages in Texas this winter, Wall said that Argos “He fully understands the challenges and opportunities facing the Texas power grid,” but the company “still thinks it’s a great place to build a plant.”

To reflect the bullish sentiment of the crypto markets in 2021, Argo recently announced that Wall appears to be the first publicly traded executive of a company to receive all of his salary in bitcoin.

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