Argo Blockchain bought land to build a mining center in Texas

London Stock Exchange-listed mining company Argo Blockchain has bought 320 acres (129.5 hectares) of land in Texas to build a new bitcoin data center.

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 through a 3.4 million new share allocation for $ 5 million. The remaining $ 12.5 million will be paid in installments as the contractual obligations are fulfilled.

Argo Blockchain gained access to 800 MW of electricity and an area equivalent to approximately 185 football pitches. The company intends to build a 200 MW data center within a year.

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 lowest electricity rates in the world, much of which comes from renewable sources,” the company said in a statement.

In 2019, Bitmain completed construction of a 50 MW mining center in Texas.

In the same year, the German company Northern Bitcoin agreed to merge with Whinstone US, which was building a 57 -pitch bitcoin farm in the US state .

Recall that in October 2020, Arcane Research analysts pointed to a growing share of US miners in the bitcoin hashrate.

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