Argo Blockchain Plans New Bitcoin Mining Facility in Texas

Argo Blockchain Plans New Bitcoin Mining Facility in Texas

Publicly traded bitcoin mining company Argo Blockchain (ARB) is planning to acquire land in West Texas for a new mining facility.

  • London Stock Exchange-listed Argo said Wednesday it has signed a non-binding letter of intent with New York-based DPN LLC to acquire 320 acres of land to build a 200-megawatt data center over the next 12 months.
  • The cost of the acquisition would be $17.5 million, funded via the issuance and allotment to DPN of ordinary shares in Argo.
  • Once the agreement is in place, $5 million-worth of new ordinary shares will be issued to DPN, followed by a further $12.5 million of shares in installments as contractual milestones are met.
  • "We are incredibly excited about this proposed acquisition,” said Peter Wall, CEO of Argo Blockchain, “It gives Argo tremendous control over its mining operations, as well as significant capacity for expansion.”
  • The company will use a $100 million credit facility to construct the center and kit it out with miners.
  • In choosing the Texas location, Argo has been able to secure access to some of the ”cheapest renewable energy worldwide,” Wall said.
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