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Texas mining plant of Argo Blockchain might cost up to $2 billion

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  • In July, Argo started construction on a 200-megawatt crypto mining plant in Dickens County, claiming that the project will provide the firm with access to up to 800 megawatts of electrical power for future operations
  • The data center was built in part because of Texas’ low-cost renewable energy and openness to new technology innovation, according to CEO Peter Wall
  • As of August, the firm stated that its crypto operations have turned climate positive for some types of greenhouse gas emissions, as part of its objective to achieve carbon neutrality in the future

The data center was built in part because of Texas’ low-cost renewable energy and openness to new technology innovation, according to CEO Peter Wall. Argo Blockchain, a crypto mining business located in the United Kingdom, aims to build an 800-megawatt data centre in West Texas for $1.5 billion to $2 billion. 

The $2 billion cost estimate for the Helios mining facility, which is being built on a 320-acre land plot in Texas, was based on the type of mining machines to be installed in the facility, the mix of owned and hosted machines, the cost of raw materials, labour and power required to construct the facility, the timing of build-out and machine purchase, and other factors, according to a Friday regulatory filing from Argo. 

ALSO READ: WHICH US CITIES LEAD IN CRYPTO HIRES? A NEW LINKEDIN STUDY REVEALS

However, the company stressed that this was just an estimate, and that future outcomes might differ considerably. In July, Argo started construction on a 200-megawatt crypto mining plant in Dickens County, claiming that the project will provide the firm with access to up to 800 megawatts of electrical power for future operations. The site alone will cost Argo $17.5 million, even if the mining facility does not yet have a roof. 

The plant is expected to be operational by the middle of 2022, according to the business. Part of the motivation for the data center’s development, according to Argo CEO Peter Wall, is Texas’ low-cost renewable energy and openness to new technology innovation. 

As of August, the firm stated that its crypto operations have turned climate positive for some types of greenhouse gas emissions, as part of its objective to achieve carbon neutrality in the future. As China continues to tighten down on mining operations, many Bitcoin BTC miners have set up business in Texas, which stands out for its cheap power and allegedly crypto-friendly policies. Blockcap, Riot Blockchain, and other companies are now based in the state.

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