• Wed. May 22nd, 2024

Argo Acquires Massive Land In Texas For Mining

Phillip Seefeldt

ByPhillip Seefeldt

Mar 9, 2021

With the debate for Bitcoin adoption nearing its end, the entire crypto sector is turning their attention to who can mine or accumulate the most Bitcoin. I’m a recent development, Argo Blockchain has announced that it has purchased a massive land to be used for mining purposes. In the update, the blockchain form mentioned that the recently purchased 320 acres of land around Texas would be a 200 MW data center.

Also, the firm expects that everything about the data center would be finalized and completed in the next year. In a press statement from the firm, the CEO of Argo Blockchain, Peter Wall, mentioned that the purchased land would increase their mining activities.

Companies moving to Texas due to renewable energy

In his statement, Wall mentioned that with the new purchase, they now have access to a mammoth amount of renewable energy in a region that encourages dealing in crypto. This recent purchase is coming off the back of the recent acquisition of its DPN LLC that the firm recently bought in New York. The non-binding letter to this effect was also signed by DPN LLC early last month. The company’s cost was estimated to be around $5 million, which the company was said to have paid through the issuing of about 3.4 million shares given to DPN shareholders.

The company has also mentioned that should all the milestones set out in the contracts are met, they will still pay the shareholders about $12.5 million in shares. In the last few months, Texas has been home to many mining companies across the United States of America. This is due to the abundance of cheap electricity across the city as a result of the massive amount of natural gas and wind power in the region.

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Texas recently suffered power outages

West Texas has one of the most abundant wind capacity, with a recent survey showing a wind capacity of more than 33 GW. One of such entities that have entered the state is the Northern Data AG, which is rumored to be building a mining facility in Texas’s Rockdale region. Notably, the company has also filed for a public listing, and should this be successful, and the company would reap the benefits of its moves. If the mining rig is also completed on time, it would have a 1 GW capacity, making it one of the biggest mining rigs globally. Others still running their smooth operations across the state include Layer 1 and Bitmain, backed by Peter Thiel.

A previous setback to their facility in the region has seen them lose out after calling quits their partnership with DMG blockchain. This Agro move is also coming around a very cold period in the state, which has seen the power knocked out several times, putting mining farms out of power for a long time. While a huge amount of the rigs were said to have stopped working during the period, a small amount of them was said to have offered to sell power to the state government.

Phillip Seefeldt

Phillip Seefeldt

Phillip Seefeldt is a skilled and perceptive news writer known for his comprehensive analysis and engaging writing style. With a commitment to accuracy and a deep understanding of current affairs, his articles provide readers with insightful perspectives and thought-provoking insights.

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