TL;DR Breakdown:
- Argo Blockchain has reached a new agreement to establish a mining facility in Texas.
- The 200MW facility is expected to be completed in the next 12 months.
Argo Blockchain, a London Stock Exchange-listed cryptocurrency mining company, is planning to expand its Bitcoin mining operation in the state of Texas, United States. Per the press statement on Wednesday, the company intends to purchase acres of land in West Texas to establish a new 200-megawatt BTC mining facility.
It’s worth noting that the BTC mining industry is getting competitive, as many companies are looking to raise their mining capacity.
Argo Blockchain plans new mining facility
Argo Blockchain reportedly signed a non-binding Letter of Intent with New York’s DPN LLC to purchase 320 acres of land, where the new mining facility will be established. The overall cost of the acquisition is estimated to be $17.5 million, which will be funded through the allotment of new ordinary shares in Argo to DPN LLC, according to the press statement. This planned 200-megawatt mining facility is expected to be completed in a year and will have cheap access to 800 megawatts of power, precisely renewable energy.
The company will also receive a $100 million credit facility to construct the facility as well as purchase new mining machines to increase its mining capacity. Most importantly, the development expands Argo Blockchain’s mining operation, according to the CEO, Peter Wall, who commented:
“It gives Argo tremendous control over its mining operations, as well as significant capacity for expansion. In addition, we have been able to secure access to some of the cheapest renewable energy worldwide in a location where innovation in new technologies is encouraged and incentivised.”
The BTC mining space
Argo Blockchain is now among the company looking to increase their mining operating in the coming months. As the price of Bitcoin soars – currently at $46,467 on Coinmarketcap – many mining companies have announced plans to purchase more mining machines, including Bitfarms, and Galaxy Digital, which announced a proprietary mining unit on the 15th of January.
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