Popular mining firm, Argo Blockchain, has announced the opening of a new high-grade mining center in Texas. The London-headquartered mining firm announced via its official page it will set up a new mining facility Helios in the aforementioned location in the coming week.
As per the firm’s application with the London Stock Exchange, Argo will provide the initial 200MW capacity hardware to power the facility. The hash rate will soar by 234%, and it’s expected to hit 5.5 Eh/s by the last quarter of 2022.
Helios can generate an additional 600MW. When fully utilized, Argo’s mining rate will grow exponentially by over 15 EH/s.
Plan to Construct a New Facility Has Been in the Making
The London-headquartered mining firm has been planning to establish a new facility in Texas since last year. In November, the platform sought a $57M debt funding by submitting an application to the SEC.
According to the filing, Argo proposed selling some unsecured notes totaling $57M. The notes are scheduled to yield by 2026. The funds will be diverted into rounding off the mining center in Texas.
Before the filing, Argo secured a flash loan from Galaxy Digital to the tune of $20M in June. Argo is also soliciting more funds to complete their elaborate project.
The firm owns over 2,100 BTC mined from its hardware. Argo opposed liquidating its holdings due to the inherent value of BTC. Instead, it opted to secure a loan. The project’s final phase will see the center supply about 800MW of power.
Argo Continues to Penetrate the North America Market
The mining company has been planning to venture into the Latin America market, and has been making big moves since last year. One of the primary factors for this push is the abundance of cheap renewable energy sources in the region.
Argo wants to capitalize on this availability to increase its mining operations. BTC mining is energy-draining, with adverse effects on the environment. As a result, many have called for alternative renewable energies to combat the problem without affecting operations.
Argo has also struck some partnerships to boost its mining activities. In early March, the firm sealed a swap deal with Core Scientific to trade their mining equipment over the next few months.
The collaboration will see Argo’s Antminer S19 exchanged for Pro Bitcoin S19 delivered by Core. As per the announcement, the miners will be delivered to the Helios center in Texas, which Argo plans to inaugurate soon enough. The partnership, which sees Core manage Argo’s pieces of equipment, will boost mining speed to 110 tetrahashes (TH/S).