Argo Blockchain, a public traded bitcoin mining company is planning to set up a new bitcoin mining facility in West Texas.
According to the report the new bitcoin mining facility will be in control of nothing less than 800 megawatts of cheap, renewable energy.
The New Bitcoin Mining Facility
According to the report the firm has said it has appended its signature to a non-binding letter of intent with New York-based DPN LLC. The intent of the letter is to gain 320 sections of land to construct a 200-megawatt day center over the course of the following year.
The expense of the procurement would be $17.5 million, supported by means of the issuance and allotment to DPN of ordinary shares in Argo.
As soon as the agreement is set up, $5 million worth of new ordinary shares will be issued to DPN,, trailed by a further $12.5 million of shares in installments as the basics of the contracts are being satisfied.
Structures and Plans for ALGO new Bitcoin Mining Facility
The organization will utilize a $100 million credit structure to build the bitcoin mining center and fill it out with miners.
Peter Wall, CEO of Argo Blockchain said the firm is extraordinarily amped up for the proposed buying.
Speaking further he said, it gives Argo gigantic control over its mining tasks, and can affirm a huge step with regards to extension.
At the point when it is finally furnished, this office will give Argo electricity at probably the most minimal rates on the planet with the dominant part from renewable sources.