Argo Blockchain Completes Texas Land Purchase To Build Bitcoin Mining Facility

Argo Blockchain PLC (LON:ARB) (OTCQX:ARBKF) said it has now completed the acquisition of 320 acres of land in West Texas, US, following a non-binding letter of intent with DPN LLC signed in February.

The cryptocurrency miner said it has now acquired DPN, and by extension the Texas acreage, for an initial price of US$5mln satisfied by the issue of around 3.5mln new shares in Argo to DPN shareholders. A further payment of shares worth up to US$12.5mln will also occur if certain contractual milestones are fulfilled.

Argo said the acquisition provides it with access to up to 800 megawatts (MW) of electrical power and that it intends to build a new 200MW mining facility over the next 12 months.

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