Publicly listed mining visitor Argo Blockchain has finalized its acquisition of a new 320-acre state plot in West Texas in the U.s.a., which it plans to use for the construction of a new 200-megawatt cryptocurrency mining facility.

News of the planned conquering first broke in mid-February later on Argo entered into a alphabetic character of intent with DPN LLC of New York. Details of the deal indicate that the acquisition was completed at an initial price of $5 1000000, satisfied past the issue of roughly 3.5 million new shares of Argo to DPN shareholders. A farther payment of shares worth up to $12.five million will occur in one case milestones related to the projection are fulfilled.

The cryptocurrency miner, which is based in London and trades on the London Stock Commutation under the ticker ARB, has until now tapped inexpensive hydroelectric power in Quebec, Canada for its cryptocurrency mining operations. In mid-Jan, the company raised fresh funds through a individual placement with institutional investors in order to buy new hardware and contribute toward financing its expansion.

Main executive Peter Wall has said that the new site in Texas volition provide the business firm with "access to some of what we believe is the cheapest renewable energy worldwide, in a location where innovation in new technologies is encouraged and incentivised." In correspondence with Cointelegraph, Wall added:

"[The acquisition] provides Argo with an excellent opportunity to make a very significant expansion to our current mining capacity. It besides highlights the opportunities for miners inside the U.s. to build out their mining capabilities at some of the almost competitive electricity rates globally."

Cheap, deregulated energy production in Texas is indeed one of the key factors contributing to the state'southward rising reputation as a popular jurisdiction for blockchain firms in the U.Due south., with well-known names like Bitmain already operating there.

A trade clan called The Texas Blockchain Council was, moreover, formed back in Nov 2020 with the aim of analogous a "Blockchain Conclave" of lawmakers in the state legislature to promote blockchain-friendly initiatives and legislation at a state level.

Argo, which focuses on mining Bitcoin (BTC) and Zcash (ZEC), plans to construct its 200MW mining facility within the next 12 months. Following the conquering, information technology will have access to upwardly to a total of 800MW of electrical power.

In response to Cointelegraph's question regarding the possible implications of the contempo, high-profile power blackouts in Texas this wintertime, Wall said that Argos "understand[s] fully the Texas ability grid challenges and opportunities" only that the visitor however "think[s] it's a great identify to build a facility."

Reflecting the bullish mood of the cryptocurrency markets in 2021, Argo as well recently revealed that Wall has ostensibly become the kickoff executive of a publicly traded visitor to take their entire salary in Bitcoin.