Bitcoin miner Argo Blockchain plans a new 200MW facility in Texas

advertisement

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."

As The Block has reported previously, Texas has cheap electricity, and several bitcoin miners have opened or plan to open facilities in the state. These firms include Layer1, Whinstone and Northern Bitcoin, SBI Holdings and GMO Internet, and Crusoe Energy System, among others.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC
More