The corporate mentioned the 320-acre web site in West Texas will present entry to as much as 800 megawatts {of electrical} energy, most of which comes from renewable sources
() mentioned it has entered a non-binding letter of intent (LOI) with DPN LLC setting out phrases to accumulate 320 acres of land in West Texas, US, the place it intends to construct a brand new 200-megawatt cryptocurrency mining facility within the subsequent 12 months.
The corporate mentioned when accomplished the power will present it with electrical energy at a number of the lowest charges on the earth with the bulk coming from renewable sources. Argo mentioned the land will present entry to as much as 800 megawatts {of electrical} energy.
READ: Argo Blockchain unveils investment in digital asset firm
The acquisition will value a complete of US$17.5mln (£12.7mln) which might be paid in Argo shares. DPN will obtain US$5mln value of shares on completion of the settlement, whereas the remaining US$12.5mln value of shares might be paid in instalments as contractual milestones are fulfilled.
Argo additionally mentioned that as a part of the venture it should achieve entry to a pre-negotiated US$100mln credit score facility at aggressive charges, which it mentioned will present it with adequate debt capital to construct out the power and additional develop its mining fleet to upscale its operations and capability.
“We’re extremely enthusiastic about this proposed acquisition. It provides Argo super management over its mining operations, in addition to vital capability for enlargement. As well as, we’ve been capable of safe entry to a number of the least expensive renewable vitality worldwide in a location the place innovation in new applied sciences is inspired and incentivised”, Argo chief govt Peter Wall mentioned in a press release.
