Argo Blockchain Announces New Texas Bitcoin Mining Farm

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  • Argo Blockchain has hired Navier to help them build a new Bitcoin mining farm in Texas
  • Argo bought the site in March, and Navier has now started to work on the plant’s construction
  • The new Argo Blockchain site will be mainly powered by renewable energy

British Bitcoin mining firm Argo Blockchain has confirmed its expansion into Texas by signing up specialist mining facility outfitter Navier to develop its new plant in Helios. Argo Blockchain, whose share price rose 20% on the news, was already known to be interested in the region after acquiring an 320-acre plot of land there in March, which will give them access to up to 800-megawatts of electrical power, the majority of which is from renewable sources.

Argo Blockchain Will See 200MW Increase

Argo Blockchain announced the purchase of the land on March 8 for an initial payment of $5 million, which CEO Peter Wall said at the time would provide them with “some of what we believe is the cheapest renewable energy worldwide.” The company has hired Navier on a monthly retainer as a consultant for the Bitcoin mining facility that will be built there, which will increase Argo’s Bitcoin mining output by 200MW once completed.

Renewable Energy Important

Bitcoin mining has been in the news in recent weeks thanks to mainstream media outlets reporting extensively on its high energy use, despite statistics on the matter being famously hard to pinpoint. Texas is growing its solar and wind farms in order to reduce its reliance on coal, and this seems to be what Argo Blockchain has tapped into, with a statement on the land purchase saying that the majority of every supplied to the region is through renewable sources.

Josh Metnick, Navier’s CEO, stated that he was “thrilled to collaborate with Argo to help build such an innovative green mining facility in West Texas”, adding that it could be “one of the most cost-effective, power-efficient, and structurally scalable industrial mining sites in the world.”