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.
- 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.