Argo Blockchain facility in West Texas expects to start mining Bitcoin in May

Crypto mining firm Argo Blockchain’s plans to open a knowledge heart in West Texas are probably nearing completion following an inauguration ceremony.

In a Thursday announcement on Twitter, Argo said it expects to start mining operations at its Helios facility in Dickens County, Texas beginning subsequent week. The announcement got here greater than a 12 months after the mining agency bought a 320-acre land plot to assemble the power, first breaking floor on the 200-megawatt information heart in July 2021.

Argo CEO Peter Wall advised Cointelegraph the power was in-built Dickens County because of entry to renewable power sources within the firm’s intention to “mine Bitcoin in essentially the most eco-friendly manner attainable.” As of August 2021, the corporate stated that its crypto operations had change into “local weather constructive” for some classifications of greenhouse gasoline emissions, with a plan to ultimately change into carbon impartial.

“Loads of [the available power] is considerably stranded, that means there’s not plenty of native demand or native load to make use of that energy, so we felt that this was a powerful alternative to assist stabilize the grid,” stated Wall.

The mining facility might be operating with 20,0000 Bitmain S19J Professional rigs, which Argo stated might be put in and made operational in phases between Could and October. Argo’s preliminary energy capability on the information heart might be 200 MW, with entry to a further 600 MW “within the coming years.” The corporate expects a hash price of 5.5 exahashes per second by the top of 2022, anticipating the extra energy capability launched later will produce 20 EH/s.

Estimates for the whole value of the information heart have ranged from $1.5 billion to $2 billion, in response to a regulatory submitting from Argo in November 2021. The mining agency additionally secured a $25 million mortgage settlement from Galaxy Digital LP in September 2021 utilizing its Bitcoin (BTC) as collateral and stated it will fund a part of the power with a $57.5 million providing of senior notes.

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Texas has change into considerably of a sizzling spot for crypto miners seeking to arrange store, probably because of its low-cost electrical energy and rules pleasant to mining companies. In April, the Metropolis of Fort Value launched a pilot program to mine BTC utilizing three Antminer S9 rigs in its metropolis corridor constructing.