Argo Blockchain to start Bitcoin mining in West Texas before May ends

As per a recent announcement made on Twitter, the renowned crypto mining company Argo Blockchain is completing its development of a new data center in West Texas following an inauguration event.

Argo Blockchain to start operations in a week

Argo Blockchain said that it is expecting to start mining operations at its Helios facility in Dickens County, Texas, in the next few days. The establishment has been announced over a year after the mining company bought a 320-acre land plot for the development of the unit.

We are thrilled to announce the energization and opening of Helios, our flagship Bitcoin mining facility in Dickens County, Texas! ⚡⚡⚡

Thanks to everyone who helped to make this possible.

Yeeeeeehaw! 🤠#ARB $ARBK pic.twitter.com/gIUIfv5z2o

— Argo (@ArgoBlockchain) May 5, 2022

The center was decided to be built in Dickens County because of access to renewable energy sources, according to Argo CEO Peter Wall, in order to “mine Bitcoin in the most eco-friendly way possible.” The business announced in August 2021 that its crypto operations have turned “climate positive” for various types of greenhouse gas emissions, with the goal of becoming carbon neutral in the future. During the same time, Argo Blockchain also employed 7,000 crypto mining machines to expand its operations.

Wall went on to add that “a lot of [the available power] is somewhat stranded, meaning there is not a lot of local demand or local load to use that power, so we felt that this was a strong opportunity to help stabilize the grid.”

Notably, Bitcoin has recently seen its hash rate rising to a new ATH amid plunging prices, as TheCoinRise reported.

The mining facility will have 20,000 Bitmain S19J Pro rigs, which will be deployed and operating in stages between May and October, according to Argo. The data center’s initial power capacity will be 200 MW, with access to another 600 MW “in the coming years.” By the end of 2022, the business estimates a hash rate of 5.5 exahashes per second, with the additional power capacity added, subsequently producing 20 EH/s.

According to a regulatory filing from Argo Blockchain in November 2021, the overall cost of the data center has been estimated to be between $1.5 billion and $2 billion. In September 2021, the mining company also acquired a $25 million loan from Galaxy Digital LP, using its Bitcoin (BTC) as security, and claimed it would fund part of the facility with a $57.5 million senior note issue.