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Argo Blockchain breaks ground at Texas mining facility

Stock MarketsJul 22, 2021 09:43
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© Reuters.

By Samuel Indyk

Investing.com – Argo Blockchain (LON:ARB) has announced it has begun construction of its 200-megawatt cryptocurrency mining facility in Dickens County, Texas. The facility is to be powered predominantly by renewable energy.

The environmental impact of cryptocurrency mining and transactions has become a major talking point in recent months and is part of the reason why Bitcoin is currently trading around 50% below its all time high.

Tesla (NASDAQ:TSLA) CEO Elon Musk brought the energy usage of the Bitcoin network into the mainstream when he said Tesla would stop accepting Bitcoin as payment for vehicles, citing its environmental impact. There were some estimates suggesting the Bitcoin network uses as much as energy as a country the size of Argentina.

Since then, China has announced a crackdown on cryptocurrency mining and many facilities were closed down and shipped off. Texas was one of the US states that was expected to attract cryptocurrency miners, due to its low energy prices, powered by solar and wind.

The political leaders in Texas are also said to be supportive of cryptocurrency mining, including Governor Gregg Abbott.

Kevin Brendle, a judge in Dickens County, Texas said: “Words cannot begin to explain how thrilled I am to welcome Peter [Argo Blockchain’s CEO] and his team to Dickens County.

“The management team's commitment to sustainability and reinvigorating our local economy is exciting, and we look forward to the continued positive impact they will bring to our community.”

Argo is expected to add 20 new full-time jobs and the site is going to give Argo access to up to 800MW of electrical power.

“Texas is a leader in renewable power generation in the United States with a flexible grid, producing some of the most competitive and most sustainable electricity rates in the nation,” said Argo Blockchain CEO Peter Wall.

“Breaking ground marks an exciting new chapter as we continue to gain greater control of our mining operations and strengthen our position as a global leader in sustainable blockchain infrastructure and mining, and we are eager to get up-and-running.”

The mining site is expected to be completed in the first half of 2022.

At 09:39BST, shares in Argo Blockchain were trading higher by 10% at 121.13 pence per share.

Argo Blockchain breaks ground at Texas mining facility
 

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