Argo Blockchain Completes Land Purchase for Texas Crypto Mining Facility

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.

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