Argo circulated a press release today estimating the construction cost for its crypto mining facility.
The firm said it would likely spend between $1.5 to $2 billion on the construction.
The information previously had been inadvertently disclosed in a private meeting and later shared on Twitter.
Share this article
Argo Blockchain has revealed that it may spend up to $2 billion in the construction of a crypto mining facility, called Helios, in the U.S. State of Texas. The information had been previously leaked in a private meeting and later shared on Twitter.
Argo Bets Big on Crypto Mining Facility
Crypto mining firm Argo Blockchain has disclosed that the construction of a large-scale crypto mining facility may cost the firm between $1.5 and $2 billion. A document from Argo reports that the total cost includes the estimated expense of various mining machines as well as of raw materials.
The “800 mW mining facility” will occupy 160 acres in Dickens County and may help Argo grow significantly grow its hashrate—the amount of computational capacity required to process new Bitcoin blocks. The company hopes to take advantage of the low power rates available to large-scale crypto miners in Texas.
Notably, Argo had no plans to issue an advanced disclosure on expenses related to its large-scale mining farm. It admitted that this information was previously non-public information under the U.S. securities laws. However, On Nov. 4, 2021, Argo employees inadvertently discussed the facility’s budget with a person named Anthony Coyle in a private meeting, who later posted the information out on Twitter.
As the news was made public, today Argo circulated a press release with an official confirmation. Some investors on social media have criticized the company for spending too much on the construction. Argo’s share price reacted negatively today and is trading down by about 2.25% at about $17.
Texas, in addition to Kentucky and Wyoming, has offered lower utility rates to attract miners. After a ban on cryptocurrency mining in China, the U.S. became the global leader in crypto mining and accounts for 35.4% of the global hashrate as of August. Amid this growth, the mining firms across the U.S. and Canada have seen increased investor interest.
Last month, Argo Blockchain was listed on the Nasdaq. It quickly raised $127.9 million after issuing 8.5 million American Depositary Shares under the ticker ARBK. The Bitcoin miner had already been listed on the London Stock Exchange.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Crypto Miners Are Stockpiling Bitcoin and Ethereum Rewards
On-chain metrics and company production reports show that Bitcoin and Ethereum miners are holding off from selling their mining rewards. The value of crypto held by miners has reached new…
MDEX: Overlooked Decentralized Exchange That Pays You to Trade
Based on statistics from DeBank and dapp.com, one of the top-performing decentralized exchanges by TVL and trading volume this year is MDEX—an AMM-based DEX functioning across the Huobi Eco-chain (HECO), Binance Smart Chain…
Crypto Mining Firm Argo Blockchain Heads to Nasdaq
Argo Blockchain’s IPO could raise over $145 million. Argo Blockchain Goes Live on Nasdaq Argo Blockchain has launched an Initial Public Offering, the firm announced today. New RNS: Argo is…
U.S. Now Top Bitcoin Mining Hub After China Ban
Data from Cambridge Centre for Alternative Finance (CCAF) indicates that China’s contribution to Bitcoin’s global mining hashrate has completely declined. U.S. Becomes World Leader for Bitcoin Mining New research data…