Bitcoin miner Argo Blockchain plans a new 200MW facility in Texas
February 10, 2021, 9:05AM EST
1 min read
Publicly-traded Argo Blockchain is planning to open a new 200-megawatt facility in the U.S. state of Texas.
The London Stock Exchange-listed company announced the news on Wednesday, saying that it has entered into a non-binding letter of intent with DPN LLC of New York to acquire 320 acres of land in West Texas.
The land acquisition will cost $17.5 million, said Argo, adding that it will be financed via new shares to be allotted to DPN upon a definitive agreement and other approvals.
On completion of the definitive agreement, Argo said it would issue $5 million worth of new shares to DPN, and the balance shares of $12.5 million will be issued in installments as contractual terms are fulfilled.
Argo plans to also take a $100 million "pre-negotiated" loan to build out the Texas facility. When completed, the facility is expected to provide Argo with electricity at "some of the lowest rates in the world."