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Argo Blockchain Completes Land Purchase for Texas Crypto Mining Facility
The land purchase was made via the acquisition of a New York firm.
U.K.-listed Argo Blockchain (LON: ARB) has acquired a New York firm, bringing it ownership of a chunk of land in West Texas for the construction of a new cryptocurrency mining facility.
STORY CONTINUES BELOW
- In a news release at the London Stock Exchange Monday, the firm said it has bought DPN LLC, owner of the 320-acre plot, for the planned 200-megawatt data center.
- With access to up to 800 MW of cheap and mostly renewable electricity, the new facility will be built over the next 12 months, as announced in February.
- The initial price of the acquisition was $5 million paid via the issue and allotment to DPN shareholders of 3.4 million new ordinary shares in Argo.
- A further payment of $12.5 million in shares will be payable if contractual milestones related to the mining center are fulfilled, said the firm.
- The land purchase "not only gives us greater control over our mining operations but also the ability to meaningfully expand our mining capacity on a large scale,” said Peter Wall, chief executive of Argo Blockchain.
Read more: Listed Crypto Miner Argo Blockchain Now Pays CEO in Bitcoin
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
