Publicly-listed mining firm Argo Blockchain has finalized its acquisition of a brand new, 320 acre land plot in West Texas, United States, which it
Publicly-listed mining firm Argo Blockchain has finalized its acquisition of a brand new, 320 acre land plot in West Texas, United States, which it plans to make use of for the development of a new 200NW cryptocurrency mining facility.
Information of the deliberate acquisition first broke in mid-February, after Argo entered right into a Letter of Intent with DPN LLC of New York. Particulars of the deal point out that the acquisition was accomplished at an preliminary value of $5 million, glad by the difficulty of roughly 3.5 million new shares in Argo to DPN shareholders. An extra cost of shares price as much as $12.5 million will happen as soon as milestones associated to the challenge are fulfilled.
The cryptocurrency miner, which is predicated in London and trades on the London Inventory Change below the ticker ARB, has till now tapped low-cost hydroelectric energy in Quebec, Canada, for its cryptocurrency mining operations. In mid-January of this yr, the corporate had raised contemporary funds via a non-public placement with institutional traders in an effort to buy new {hardware} and contribute in the direction of financing its growth.
Chief Govt Peter Wall has mentioned that the brand new web site in Texas will present the agency with “entry to a few of what we imagine is the most affordable renewable power worldwide, in a location the place innovation in new applied sciences is inspired and incentivised.” In correspondence with Cointelegraph, Wall added that:
“[The acquisition] offers Argo with a superb alternative to make a really vital growth to our present mining capability. It additionally highlights the alternatives for miners throughout the US to construct out their mining capabilities at a number of the best electrical energy charges globally.”
Low-cost and deregulated power manufacturing in Texas is certainly one of many key components contributing to the state’s rising status a widespread jurisdiction for blockchain corporations within the U.S., with well-known names like Bitmain already working there.
A commerce affiliation known as The Texas Blockchain Council was, furthermore, shaped again in November 2020, with the intention of coordinating a “Blockchain Caucus” of lawmakers within the state legislature to advertise blockchain-friendly initiatives and laws at a state degree.
Argo, which focuses on mining Bitcoin (BTC) and Zcash (ZEC), plans to assemble its 200MW mining facility throughout the subsequent 12 months. Following the acquisition, it’s going to have entry to as much as a complete of 800MW {of electrical} energy.
In response to Cointelegraph’s query relating to the potential implications of the current, high-profile energy blackouts in Texas this winter, Wall mentioned that Argos “perceive[s] totally the Texas energy grid challenges and alternatives,” however that the corporate nonetheless “suppose[s] it’s an important place to construct a facility.”
Reflecting the bullish temper of the cryptocurrency markets in 2021, Argo has additionally not too long ago revealed that Wall has ostensibly grow to be the primary govt of a publicly traded firm to take his total wage in Bitcoin.