Argo Blockchain Mining Facility in Texas could cost up to $ 2 billion

The plans of the crypto mining company The British Argo Blockchain for building an 800 megawatt data center in West Texas could cost between $ 1.5 billion and $ 2 billion.

According to a regulatory filing by Argo on Friday, The estimated $ 2 billion cost of Helios’ mining facility, which was built on 320 acres in Texas, was based on “the types of mining equipment to be installed, the combination of owned and hosted machines, the cost of raw materials, labor and energy “. required for the construction of the plant, the time of construction and purchase of the machines and other factors “. However, the company added that this was only an estimate and that “future results could differ materially”.

Argo began construction of the 200 MW crypto mining facility in Dickens County in July and reported that the site will give the company “access to up to 800 MW of electrical power” for their future operations. Although the mining center does not yet have a roof, Argo will cost the land alone $ 17.5 million. The company plans to commission the plant by mid-2022.

It’s fast in Texas

Argo Blockchain Mining Facility in Texas could cost up to $ 2 billion
Argo Blockchain Mining Facility in Texas could cost up to $ 2 billion

Peter Wall, CEO of Argo, cites Texas’s cheap renewable energy and its openness to innovation in new technologies as the reason for building the data center. From August, The company claimed that its cryptocurrency operations had become “climate positive” for some greenhouse gas emissions classifications, as part of its plan to eventually become climate neutral.

Many Bitcoin (BTC) miners have settled in Texas while China continues to crack down on mining and the state is characterized by cheap electricity and seemingly crypto-friendly regulations. The state is currently home to Blockcap, Riot Blockchain, and others.

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