The crypto mining company’s plans UK-based Argo Blockchain to build an 800-megawatt data center in West Texas could cost between $ 1.5 billion and $ 2 billion.
According to a regulatory filing Friday from Argo, the estimated cost of $ 2 billion for the Helios mining facility built on a 320 acre site in Texas was based on “the type of mining machines to be installed, the mix of owned and hosted machines, the cost of raw materials , the labor and energy required to build the facility, the timing of construction and purchase of the machines, and other factors “. However, the firm added that this was only an estimate and that “future results could differ materially.”
Argo began construction of the Dickens County-based 200 MW crypto mining facility in July, reporting that the site will give the company “access to up to 800 MW of electrical power” for its future operations. Although the mining center still has no roof, the land alone will cost Argo 17.5 million dollars. The company plans to have the facility up and running by mid-2022.
Things are moving quickly in Texas https://t.co/ZQzyeK2e9Y
– Peter Wall (@PeterGWall) November 4, 2021
Things are moving fast in Texas
Peter Wall, Argo’s CEO, has cited Texas’s cheap renewable energy, as well as its openness to innovation in new technologies, as part of the reason for building the data center. As of August, The company claimed that its cryptocurrency operations had become “climate positive” for some greenhouse gas emission ratings, part of its plan to eventually become carbon neutral.
Many Bitcoin (BTC) miners have settled in Texas as China continues to crack down on mining operations and the state stands out for its cheap electricity and seemingly crypto-friendly regulations. The state is currently home to Blockcap, Riot Blockchain, and others.
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