With the new administration now in the White-House, the process of expansion in the United States is now set to increase. Therefore, many cryptocurrency ventures in the United States have started expediting the process of expansion of cryptocurrencies in the country.
Out of all the sectors and departments in the crypto-verse, the sector that is currently rolling on a high scale is the mining sector. This is where one of the top mining companies in the United States has made a new announcement that proves that the crypto-adoption in the country is set to rise.
The name of the cryptocurrency mining company is Argo Blockchain, which is one of the most prominent in the country and is also known to be the publicly-listed company.
The company has recently announced that it has finally acquired a new land plot that is spread across in the 320-acre area. The officials of the company have revealed that the area where it has acquired the piece of land is in West Texas, United States.
The executives at Argo Blockchain have revealed the motive behind acquiring the 320-acre piece of land. The company has confirmed that the piece of land has been acquired for the expansion of the mining projects in the area.
As per sources, the company is planning to construct a 200NW facility for cryptocurrency mining activities.
It was around February 15, 2021, when the news around the company acquiring a new 320-acre land first emerged. The news started rotating when it was revealed that Argo Blockchain had submitted a Letter of Intent in New York at the DPN LLC.
It has been confirmed that the deal for the acquisition of the 320-acre land was finalized at a price of around $5 million. The company has been able to generate the funds for the acquisition of the land after a successful sale of the Argo shares. The company revealed that it managed to generate the funds against a total of 3.5 million shares that it recently issued for purchasing.
Argo Blockchain is yet to receive another $12.5 million from the additional shares it has launched on the public listings.
Up until now, the mining company had built its mining facility in Canada due to the cheap hydroelectric power. Before mid-February, it was revealed that Argo Blockchain was in the process of acquiring equipment for cryptocurrency mining. The rumors around the acquisition of the equipment by Argo Blockchain started emerging back in mid-January.
The company revealed that the main reason why it has planned to expand its services in West Texas, United States is because the area has access to very cheap electricity and it will help the project run smoother.