Argo blockchain joins Texas bitcoin mining race

 Argo blockchain joins Texas bitcoin mining race

Global cryptocurrency mining company Argo Blockchain will build a cryptocurrency mining facility in West Texas.

Today, the London-based cryptocurrency mining company, listed on the London Stock Exchange, announced the acquisition of New York-based DPN LLC, which gives Argo access to up to 800 megawatts of electricity on 320 acres of land in West Texas. ... The company also announced plans to build a new 200 MW energy efficient mining facility over the next 12 months.

Argo's purchase of land in Texas not only gives them greater control over its mining operations, but also the ability to meaningfully expand their mining capacity on a large scale, according to Peter Wall, CEO of Argo Blockchain, quoted in the statement. We now have access to some of what we believe is the cheapest renewable energy in the world, in a place where innovation in new technologies is encouraged and stimulated.

Argo is the latest cryptocurrency mining company to open a store in Lone Star State. In 2019, Chinese crypto mining giant Bitmain launched a site in Rockdale, a small town in East Texas. In the same year, the German cryptocurrency company Northern Data AG began construction of the world's largest Bitcoin mining facility on an area of ​​100 acres, the equivalent of 57 football pitches. Last year, troubled bitcoin mining startup Layer1 began mining cryptocurrency at its West Texas venture.

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The boom in wind power over the past two decades, coupled with already low energy prices thanks to the abundance of natural gas, make Texas one of the most attractive destinations for cryptocurrency mining. In addition, the state electricity market is deregulated. While the lack of regulation has resulted in rapid increases and decreases in rates, it has resulted in severe power outages due to the extremely cold temperatures the state experienced last month. Bitcoin mining farms have also experienced outages.

But, perhaps more importantly, Texas is aiming to become one of the most popular jurisdictions in the United States for blockchain innovation and investment, throwing its hat in the ring with other crypto-friendly states like Wyoming and Arizona. In November, the Texas Blockchain Council, a non-profit association of blockchain companies, began its work with the aim of advancing legislative initiatives that enable blockchain. The association says it is already working with the state legislature. Texas State Representative Tan Parker, quoted in the council's statement, notes: Texas has a long history of technological innovation and free thinking.

 Argo blockchain joins Texas bitcoin mining race

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