Argo Blockchain Purchases Land in Texas to Build Mining Facility
- The company plans on building a new, 200-megawatt mining facility in West Texas.
- The majority of the energy used in the new farm will come from renewable sources.
Shutterstock
According to the official announcement, the purchase was completed on 8 March after entering into a non-binding letter of intent (LOI) with DPN in mid-February. Argo set an initial price of $5 million for the acquisition, funded through the issuance and allotment of around 3.5 million ordinary shares in Argo to DPN shareholders. A further $12.5 million in shares at a predetermined price will be payable if certain contractual milestones are fulfilled.
In the next 12 months, the company intends to build a new, 200-megawatt mining facility. The majority of the energy powering the facility will come from renewable sources, providing Argo with what it believes is one of the lowest electricity rates in the world.
Peter Wall, the chief executive of Argo Blockchain, said that aside from cheap renewable energy, the West Texas location will also provide the company with an infrastructure that incentivizes innovation in new technologies.
“Argo’s purchase of land in Texas represents a significant milestone for the Company and is a cause for celebration. It not only gives us greater control over our mining operations but also the ability to meaningfully expand our mining capacity on a large scale,” he said in the company’s release.
- Core Scientific’s bankruptcy filing revealed the company had between $1 billion and $10 billion in assets, and the same amount in liabilities.
- The company is one of the largest Bitcoin miners in the world, and is responsible for around 10% of the computing power on the Bitcoin network through its 243,000 machines.
Shutterstock
- The Department of Banking and State Securities Board of Texas, as well as the Vermont Department of Financial Regulation have all objected to Celsius’ plans to sale its stablecoin holdings.
- All three agencies noted the company had failed to provide sufficient details about what it would do with the proceeds from the sale.
- The crypto mining firm said it had voluntarily curtailed its energy consumption to ensure more power was available in Texas during the heat wave in July.
- While it produced 21% less BTC than it could, the company had earned around $9.5 million in power credit and benefits, as well as reduced its power consumption for the month.