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Argo Blockchain to acquire land in Texas with access to electricity to mine crypto
StockMarketWire.com
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Cryptocurrency miner Argo Blockchain said it had entered into a non-binding Letter of Intent to acquire 320 acres of land in West Texas, USA, with access of up to 800-megawatts of electrical power for US$17.5M to mine cryptocurrency.
Argo said it intended to build a new 200mw mining facility in the next 12 months.
When completed, this facility would provide Argo with electricity at some of the lowest rates in the world with the majority from renewable sources.
'As part of this project, Argo will also gain access to a pre-negotiated US$100 million credit facility at competitive rates. This will provide Argo with sufficient debt capital to build out the facility and further expand its mining fleet to upscale the Company's operations and capacity,' the company said.
At 10:05am: (LON:ARB) Argo Blockchain Plc Ord 0.1p share price was 0p at 8.18p
Story provided by StockMarketWire.com
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