Argo Blockchain buys land in Texas for new mining centre

The London-listed mining company Argo Blockchain has acquired 320 acres (129.5 hectares) of land in Texas to build a new Bitcoin mining data centre.

Argo has now completed the acquisition of DPN LLC and as a result, has acquired the land. This acquisition gives Argo access to up to 800-megawatts of electrical power, where Argo intends to build a new 200mw mining facility over the next 12 months.#ARB $ARBKF
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— Argo (@ArgoBlockchain) March 8, 2021

The company bought the land with the help of New York firm DPN by issuing 3.4 million new shares for $5 million. The remaining $12.5 million will be paid in installments as obligations under the contract are fulfilled.

Argo Blockchain gained access to 800 MW of electricity and a land area equivalent to about 185 football fields. Over the next 12 months the company intends to build a 200 MW data centre.

The acquisition was an initial price of US$5M, satisfied by issuing and alloting 3,497,817 new ordinary shares in Argo, with up to a further US$12.5m in shares at a predetermined price if certain contractual milestones related to the facility are fulfilled.#ARB $ARBKF
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— Argo (@ArgoBlockchain) March 8, 2021

“This opportunity will provide Argo with some of the world’s lowest electricity tariffs, most of which come from renewable sources,” the company said in a statement.

In 2019, the Bitmain company completed construction of a 50 MW mining centre in Texas.

In the same year, the German company Northern Bitcoin agreed to merge with Whinstone US, which was building a Bitcoin farm in Texas spanning about 57 football fields.

As reported in October 2020, Arcane Research pointed to the growing share of miners in the Bitcoin hash rate.

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