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LUBBOCK, Texas (KCBD) – Monday night at the Palace Theater in Spur, Argo Blockchain hosted a community informational program, to discuss the cryptocurrency mining facility it’s building in Dickens County. Executives say Dickens County is “bitcoin mining nirvana.”
“It’s a very friendly place, you know it’s a great, welcoming jurisdiction, business friendly. The most important is that there’s low cost renewable power. So, there’s a lot of wind that’s being generated in the area, and there’s not a lot of local load to us it,” CEO Peter Wall said.
Argo claims it uses renewable forms of energy to power its mining operation. Wall says the mine will be a 200 megawatt facility, using half the amount that powers the entire city of Lubbock. The facility will be located right next to the McAdoo Wind Farm’s Cottonwood Substation, which receives and distributes mostly renewable energy.
Some Dickens County residents said they were excited when they heard the news, but needed to do some studying to learn more about bitcoin and cryptocurrency mining. It’s estimated to be a more than $100 million investment to the area and add 20 jobs. Spur mayor Louise Jones says the area needs the additional employment.
“We don’t know what tomorrow’s gon’ bring, all we have is today. So, lets enjoy today and let them bring something good here to Spur, Texas,” Jones said.
Spur Chamber of Commerce president Matthew McArthur says he hasn’t seen a downside to the project, noting he’s glad that someone is buying the electricity produced by the wind farms.
“Well I was thrilled. We’ve got a great electrical grid with all the windmills. We’ve got an excellent school system. We were thrilled to have the jobs in and the property they’re building is going to be great as for as tax valuation. It’s going to take a lot of the weight off the taxpayers,” McArthur said.
Patton Springs ISD superintendent Bryan White says the school needs the tax revenue.
“Virtually our tax base is just based off of land. We don’t have any kind of industry or anything to speak of up there. So this is, this is going to be a boost to our values tremendously, you know if the numbers are what we’ve been hearing and stuff. So, that will help our school out and our students so we’re really looking forward to that,” White said.
Argo Blockchain also announced, to a round of applause, that the company will be refurbishing the community pool as a service project.
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