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The company said it intends to build a new cryptocurrency mining facility on the 320-acre plot, located in the west of the US state
() () said it has now completed the acquisition of 320 acres of land in West Texas, US, following a non-binding letter of intent with DPN LLC signed in February.
The cryptocurrency miner said it has now acquired DPN, and by extension the Texas acreage, for an initial price of US$5mln satisfied by the issue of around 3.5mln new shares in Argo to DPN shareholders. A further payment of shares worth up to US$12.5mln will also occur if certain contractual milestones are fulfilled.
WATCH: Argo Blockchain CEO Peter Wall now paid in Bitcoin after record month in mining revenue and profits
Argo said the acquisition provides it with access to up to 800 megawatts (MW) of electrical power and that it intends to build a new 200MW mining facility over the next 12 months.
The firm added that it believes the facility will provide it with “some of the lowest electricity rates in the world, the majority of which is from renewable sources”.
“Argo’s purchase of land in Texas represents a significant milestone for the company and is a cause for celebration. It not only gives us greater control over our mining operations but also the ability to meaningfully expand our mining capacity on a large scale. We now have 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,” Argo chief executive Peter Wall said in a statement.
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