Crypto mining company Argo Blockchain’s intends to open an information center in West Texas are most likely nearing completion following an inauguration ceremony.
Inside a Thursday announcement on Twitter, Argo stated it expects to start mining operations at its Helios facility in Dickens County, Texas beginning in a few days. The announcement came at least a year following the mining firm obtained a 320-acre land plot to create the ability, first breaking ground around the 200-megawatt data center in This summer 2021.
We’re happy to announce the energization and opening of Helios, our flagship Bitcoin mining facility in Dickens County, Texas! ⚡⚡⚡
Because of everybody who helped to make this a reality.
— Argo (@ArgoBlockchain) May 5, 2022
Argo Chief executive officer Peter Wall told Cointelegraph the ability was built-in Dickens County because of use of alternative energy within the company’s try to “mine Bitcoin within the most eco-friendly possible way.” By August 2021, the organization stated that it is crypto operations became “climate positive” for many classifications of green house gas emissions, having a intend to eventually be carbon neutral.
“A large amount of [the accessible power] is sort of stranded, meaning there’s very little local demand or local load to make use of that power, therefore we felt this would be a strong chance to assist stabilize the grid,” stated Wall.
The mining facility is going to be running with 20,0000 Bitmain S19J Pro rigs, which Argo stated is going to be installed making operational in phases between May and October. Argo’s initial power capacity in the data center is going to be 200 MW, with use of yet another 600 MW “in in the future.” The organization expects a hash rate of 5.5 exahashes per second through the finish of 2022, anticipating the extra power capacity introduced later will produce 20 EH/s.
Estimates for that total price from the data center have ranged from $1.5 billion to $2 billion, based on a regulatory filing from Argo in November 2021. The mining firm also guaranteed a $25 million loan agreement from Universe Digital LP in September 2021 having its Bitcoin (BTC) as collateral and stated it might fund area of the facility having a $57.5 million offering of senior notes.
Texas is becoming a bit of a warm place for crypto miners searching to setup shop, possibly because of its cheap electricity and rules friendly to mining firms. In April, the town of Fort Worth launched an airplane pilot program to mine BTC using three Antminer S9 rigs in the city hall building.