Bitcoin miner Argo energizes its new “flagship” facility and will start mining bitcoin next week in Dickens County, Texas. On Thursday, the firm was scheduled to hold its official launch.
Argo estimates that by the end of 2022, the new mining facility would consume 200 megawatts of power and boost its overall hashrate by 243% to 5.5 exahash per second (EH/s).
CEO Peter Wall noted that despite the fact that building on the facility began in July 2021, it is a wonderful achievement because the site will begin mining operations in less than a year.
Trade between Bitmain and Argo
Mining machine delivery and deployment have begun and will proceed in the coming months. In September of last year, Argo purchased 20,000 Bitmain S19J Pro computers. In addition, it reached an agreement with Core Scientific to obtain around 10,000 units that were previously hosted by the latter.
Several million dollars have been raised in recent months to assist the company’s growth in Texas. It recently signed an arrangement with crypto financial services provider NYDIG for up to $70.6 million in funding.
Additional plant in Texas
According to the release, the Helios plant in Texas has access to an additional 600 megawatts of electricity, which the business wants to use in subsequent expansion phases in the coming years. According to the firm, if capacity is deployed fully, it may bring Argo’s hashrate near to 20 EH/s.
Argo has headquarters in London, United Kingdom, and has two other locations in Quebec. It is traded on the London Stock Exchange and recently completed an initial public offering (IPO) in the United States.
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