Argo Blockchain To Spend Nearly $2 Billion On Building Texas Mining Facility

According to a regulatory filing by Argo Block chain on Friday, the $2 billion cost estimate for the mining facility was concluded upon, after considering the type of mining machines to be installed in the facility, the cost of raw materials, that of labor, the mix of owned and hosted machines, and the cost of power required for the construction of the mining facility and all other factors. But as the firm says, these are purely estimates, and future results could turn out to be entirely different.

Argo started the project on the 200 MW crypto mining facility based in Dickens County in July, announcing that the site will allow the company have access to about 800 MW of electrical power for its  operations in the future.

Presently, the mining center is yet to even have a roof, and Argo is expected to pay no less than $17.5 million for the plot of land alone.

CEO Reports Progress

According to Argo’s CEO Peter Wall, things are really taking shape in Texas, and hopefully, the facility should be fully operational by mid-2022.

Speaking about the reasons why the firm is choosing to locate the data center at Texas, Peter Wall cited the cheap renewable energy of Texas and how welcoming the state is, especially towards innovation in new technologies.

As of August, the company claimed that its crypto operations had become more climate friendly, even as it strives to eventually become completely carbon neutral.

Many Bitcoin (BTC) miners are beginning to set up shop in Texas as they comtinje their search for a safe haven yo do business since China’s crackdown on crypto relayed activities,  and most especially, for its relatively cheap electricity tariffs and obviously crypto-friendly regulations.

Mining firms that have set up in Texas so far include, Blockcap, Riot Blockchain and others.