Argo Blockchain PLC confirms acquisition of Texas acreage

HomeCrypto News

Argo Blockchain PLC confirms acquisition of Texas acreage

The corporate stated it intends to construct a brand new cryptocurrency mining facility on the 320-acre plot, positioned within the west of the US


The corporate stated it intends to construct a brand new cryptocurrency mining facility on the 320-acre plot, positioned within the west of the US state

Argo Blockchain PLC (LON:ARB) (OTCQX:ARBKF) stated it has now accomplished the acquisition of 320 acres of land in West Texas, USA, following a non-binding letter of intent with DPN LLC signed in February.

The cryptocurrency miner stated it has now acquired DPN, and by extension the Texas acreage, for an preliminary worth of US$5mln happy by the difficulty of round 3.5mln new shares in Argo to DPN shareholders. An extra fee of shares value as much as US$12.5mln may also happen if sure contractual milestones are fulfilled.

WATCH: Argo Blockchain CEO Peter Wall now paid in Bitcoin after file month in mining income and income

Argo stated the acquisition supplies it with entry to as much as 800 megawatts (MW) {of electrical} energy and that it intends to construct a brand new 200MW mining facility over the subsequent 12 months. The agency added that it believes the ability will present it with “a number of the lowest electrical energy charges on the earth, the vast majority of which is from renewable sources”.

“Argo’s buy of land in Texas represents a big milestone for the corporate and is a trigger for celebration. It not solely offers us higher management over our mining operations but in addition the power to meaningfully develop our mining capability on a big scale. We now have entry to a few of what we consider is the most affordable renewable power worldwide, in a location the place innovation in new applied sciences is inspired and incentivised”, Argo chief govt Peter Wall stated in a press release.



www.proactiveinvestors.com