Argo Blockchain will build renewable cryptocurrency mine in Texas
By Jenny McCall
13:24, 22 July 2021
Cryptocurrency mining company Argo Blockchain announced today that it will begin building a ‘green’ mining facility in Texas, part-powered by renewable energy.
Argo Blockchain, which is listed on the London Stock Exchange, said it had “broken ground” on its 200-megawatt (MW) cryptocurrency mining facility in Dickens County, Texas.
Transforming
The statement issued by the company today said the new facility will “transform Argo’s mining capacity”. It added that the site is “expected to be completed in the first half of 2022”.
This month, Argo Blockchain announced it was contemplating a secondary listing on Nasdaq. The company confirmed it had not made any decisions regarding the timing of the listing, but stated that such considerations were subject to market conditions.
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‘Green’ crypto mining
Crypto mining refers to gaining cryptocurrencies by solving a complex set of algorithms using computers.
Bitcoin’s network is powered via a decentralised network of computers. The power needed to mine one bitcoin increases as the network grows, meaning that more power is needed to mine new coins as well as run the network.
The new site is expected to be powered primarily by renewable energy, which may help to offset the amount of energy needed for bitcoin mining.
Sustainable
Peter Wall, chief executive of Argo Blockchain, said: “Texas is a leader in renewable power generation in the United States with a flexible grid, producing some of the most competitive and most sustainable electricity rates in the nation, which is one of the many reasons why we look forward to partnering with the community in Dickens County to bring this important project to Texas.
“Breaking ground marks an exciting new chapter as we continue to gain greater control of our mining operations and strengthen our position as a global leader in sustainable blockchain infrastructure and mining, and we are eager to get up-and-running.”
It is thought construction of the new site will add up to 20 new full-time jobs in Dickens County, which will also give Argo access to up to 800MW of energy.
Kevin Brendle, Dickens County Judge in Texas, said: “Words cannot begin to explain how thrilled I am to welcome Peter and his team to Dickens County. The management team’s commitment to sustainability and reinvigorating our local economy is exciting, and we look forward to the continued positive impact they will bring to our community.”
As of 14:45 BST, Argo Blockchain stocks had gone up by 8% according to data on MarketWatch.
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Read more: Argo Blockchain ponders Nasdaq listing
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