Argo Blockchain’s Texas mining facility could cost up to $2B

Argo Blockchain’s Texas mining facility could cost up to $2B, reports show. The company is seeking investors for the project with a plan to raise at least $1B in funding.

Argo Blockchain is planning to build a Texas mining facility that could cost up to $2 billion. The facility will be able to produce 5,000 bitcoins per day.

 

Argo Blockchain, a crypto mining business located in the United Kingdom, aims to construct an 800-megawatt data center in West Texas for $1.5 billion to $2 billion.

The $2 billion cost estimate for the Helios mining facility, which is being built on a 320-acre land plot in Texas, was based on “the type of mining machines to be installed in the facility, the mix of owned and hosted machines, the cost of raw materials, labor and power required to construct the facility, the timing of build-out and machine purchase, and other factors,” according to a Friday regulatory filing from Argo. However, the company stressed that this was only an estimate, and that “future outcomes might vary considerably.”

In July, Argo started construction on a 200 megawatt crypto mining plant in Dickens County, claiming that the project would provide the business with “access to up to 800 megawatts of electrical power” for future operations. The site alone will cost Argo $17.5 million, even if the mining facility does not yet have a roof. The plant is expected to be operational by the middle of 2022, according to the business.

In Texas, things are moving swiftly https://t.co/ZQzyeK2e9Y

November 4, 2021 — Peter Wall (@PeterGWall)

Part of the motivation for the data center’s development, according to Argo CEO Peter Wall, is Texas’ low-cost renewable energy and openness to new technology innovation. As of August, the firm stated that its crypto operations have turned “climate positive” for certain types of greenhouse gas emissions, as part of its objective to achieve carbon neutral in the future.

According to an expert, bitcoin mining did not play a role in Texas’ power disruptions.

As China continues to tighten down on mining operations, many Bitcoin (BTC) miners have set up business in Texas, which stands out for its cheap power and allegedly crypto-friendly policies. Blockcap, Riot Blockchain, and other companies are now based in the state.

The “cryptocurrency mining facility” is a new project by Argo Blockchain. The company has announced that they will be building a Texas-based mining facility that could cost up to $2 billion.

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