- Argo Blockchain will be purchasing 340 acres of land in Texas to expand its crypto mining operations
- The land is estimated to be costing approximately $17.5 million
- The mining firm will receive $100 million of credit facility to construct the mining facility and purchase more mining rigs
Argo Blockchain, a cryptocurrency mining firm based in London, has plans to establish Bitcoin mining operations in Texas. The mining firm is listed on the platform of the London Stock Exchange. According to Wednesday’s official release of the London Stock exchange, Argo intends to buy acres of land in West Texas. In the new land, the firm will be establishing a new 200-megawatt Bitcoin mining facility. Following the latest development, it seems like the Bitcoin mining industry is getting more competitive, as several crypto mining firms are seeking to increase their mining capacity.
Argo Blockchain is purchasing lands to expand mining operations
According to the London Stock Exchange’s official press-release, Argo Blockchain will be purchasing 320 acres of land. In the land, the firm has plans to establish a Bitcoin mining facility. It is expected that the entire cost of acquisition will be $17.5 million, which will be funded via the allotment of new ordinary shares in Argo Blockchain to New York’s DPN LLC. However, the planned 200-megawatt mining operations is believed to be completed within the next twelve months. Indeed, the firm will be having cheaper access to 800 MW of power.
The mining firm will receive a $100 million credit facility
Argo Blockchain will be receiving a $100 million credit facility to construct the new mining facility and purchase more new mining rigs for increasing the mining capacity. According to Peter Wall, the Argo Blockchain CEO, the facility will be providing the firm with tremendous control over the mining operations. Moreover, the firm has been able to access some of the cheapest renewable energy globally in locations where new technologies are encouraged. Even in such a location, the new technologies could be able to incentivize.
Bitcoin’s soaring price is encouraging more crypto miners
Several cryptocurrency mining firms are increasing their mining capacity and purchasing new mining equipment in advance. The encouragement of such mining firms is increasing as the price of Bitcoin is achieving new all time highs. At press time, Bitcoin is trading at the price level of $45,161.64. However, now Argo Blockchain is also one of the firms looking to increase its mining operation.
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