Argo Blockchain’s Texas Mining Facility May Cost $2 Billion

The UK-based crypto mining company Argo Blockchain plans to set up an 800-megawatt data center in West Texas. This project is estimated to cost $1.5 billion to $2 billion.

Based on a November 5, 2021, regulatory filing from Argo, the $2 billion cost estimate for the Helios mining facility developed on a 320-acre land plot in Texas. It was based on:

“The type of mining machines to be installed in the facility, the mix of owned and hosted machines, the cost of raw materials, labor and power required to construct the facility, the timing of build-out and machine purchase, and other factors.”

But, the company added that it was just an estimate and “future results could differ materially.” In July, Argo broke ground on the 200 MW cryptocurrency mining facility that is based in Dickens County, reporting that the site will give the firm “access to up to 800 MW of electrical power” for its future endeavors.

Although this mining center is yet to have a roof, the plot of land is expected to cost Argo $17.5 million. The firm now 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

The CEO of Argo, Peter Wall, has said that Texas’ cheap renewable energy and its openness to innovation in the new technologies is part of the reason why the construction of the data center was taken there.

The company alleged in August 2021 that its cryptocurrency operations had become ‘climate positive’ for some classifications of most of the greenhouse gas emissions. That is its plan to eventually become carbon neutral.

Most of the Bitcoin miners have set up their operation in Texas and Argo Blockchain is not an exclusion. They are moving to Texas as China continues to crack down on mining operations. The American state stands out for its cheap electricity and seemingly crypto-friendly regulations. The state is now home to Riot Blockchain, Blockcap, and Argo Blockchain has decided to join the growing list of bitcoin miners setting up shop there.