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Argo Blockchain completes acquisition of land, power generation rights
StockMarketWire.com
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Cryptocurrency mining company Argo Blockchain said it had completed the previously announced acquisition of DPN LLC and as a result, acquired the 320 acres of land in West Texas, USA, for up to $17.5 million.
'The acquisition of DPN LLC (by way of a merger with a wholly owned subsidiary of Argo) gives Argo access to up to 800-megawatts of electrical power, where Argo intends to build a new 200mw mining facility over the next 12 months,' the company said.
The company paid an initial $5 million in shares and committed to pay up to a further US$12.5m in shares at a predetermined price should certain contractual milestones related to the facility be fulfilled.
The acquisition 'not only gives us greater control over our mining operations but also the ability to meaningfully expand our mining capacity on a large scale,' the company said.
Story provided by StockMarketWire.com
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