Argo Blockchain (OTCMKTS: ARBKF) has announced that it has commenced construction of a green crypto mining facility in Texas.
Argo to build 200 MW green facility in Texas
According to the business, the 200-megawatt facility in Dickens County would be fueled primarily by renewable energy, which debuted on the London Stock Exchange in 2018 as a vehicle to allow investors to participate in crypto mining. Argo’s mining capacity will significantly improve due to the new clean energy crypto mining facility, slated to be finished in 1H 2022. In addition, Argo has access to up to 800MW of electrical power at the site.
Crypto mining is a complex process where a computer solving a series of algorithms is awarded a coin for the process. A decentralized network of computers powers the Bitcoin network. Users are enticed to contribute processing power by the prospect of receiving newly minted BTC in exchange for accomplishing critical operational tasks.
A growing concern among environmentalists about BTC mining power usage
Environmentalists have grown more concerned about how bitcoin is “mined” using massive amounts of fossil-fuel-generated electricity. Bitcoin has “enormous environmental costs,” as per a recent Bank of America. Over the last two years, Bitcoin’s energy consumption has increased by an estimated 200%.
Argo CEO Peter Wall said, “Texas is a leader in renewable power generation in the United States with a flexible grid, producing some of the most competitive and most sustainable electricity rates in the nation, which is one of the many reasons why we look forward to partnering with the community in Dickens County to bring this important project to Texas.”
Wall added, “Breaking ground marks an exciting new chapter as we continue to gain greater control of our mining operations and strengthen our position as a global leader in sustainable blockchain infrastructure and mining, and we are eager to get up and running.”