Three Bitcoin Mining Firms Announce Expansion Plans

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  • Three western Bitcoin mining firms have announced expansion plans in the past 48 hours
  • The three, located in the U.S. and UK, announced plans to increase their hashrates by spending a combined $145 million
  • The moves are a sign that the west is happy for Bitcoin mining firms to expand while China clamps down

Three western Bitcoin mining firms have all announced expansion plans in the past 48 hours in a sign that the sector has not been weakened by China’s decision to clamp down on the practice. Argo Blockchain, Blockware Mining, and TeraWulf all revealed differing plans to increase their scale in a sign that while China is clamping down on Bitcoin mining, the west is taking the opposite approach.

Argo Blockchain Takes $20 Million to Build Texas Plant

British Bitcoin mining firm Argo Blockchain announced on Tuesday that it had obtained a $20 million loan through Mike Novogratz’s Galaxy Digital to fund the building of its new Texas mining plant, as announced in April. Argo bought the site in Helios in March and announced its intentions the month after.

Interestingly, the deal saw Argo use a portion of its bitcoin holdings as collateral, which they will get back once the loan has been paid back.

Blockware Raises $25 Million to Increase Scope

American Bitcoin mining firm Blockware Mining announced yesterday that it had raised over $25 million in a second oversubscribed funding round. Blockware, which earlier this year announced plans to build a self-operated Bitcoin mining farm in Kentucky, said that the funding would be used to increase the scope and scale of its Bitcoin mining operations both within America and internationally.

TeraWulf Spends $100 Million on Next Gen Bitcoin Mining Gear

Yesterday also saw another U.S.-based Bitcoin mining firm, TeraWulf, splurge some $100 million on the latest Bitmain Antminer S19j Pro Bitcoin mining machines. Terawulf, which recently announced plans to go public, ordered 30,000 of the new machines which were only launched last month.

The units won’t be delivered until June 2022, but when they are fully deployed they could increase TeraWulf’s total hashrate by up to three exahashes per second (EH/s), equivalent to some 3% of Bitcoin’s hashrate.