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Argo Blockchain has completed the acquisition of DPN LLC, gaining access to 320 acres in West Texas and up to 800 megawatts of electrical power. The purchase enables Argo to build a 200-megawatt mining facility over the next year, capitalizing on some of the lowest electricity rates globally, primarily from renewable sources. The initial consideration for the acquisition was US$5 million, with potential additional costs tied to contract milestones. Following this, the total number of Argo’s ordinary shares will increase to 368,361,690.
Argo Blockchain reported a significant increase in Bitcoin mining, producing 129 BTC in February versus 93 BTC in January, totaling 222 BTC year-to-date. February's mining revenue reached $6.04 million, up from $3.46 million in January, with an impressive mining margin of 81%, rising from 71%. CEO Peter Wall will now receive his salary in Bitcoin, marking a first for a publicly traded company. Additionally, Argo has enhanced its mining capacity by installing 4,500 new miners, bringing total capacity to 1,075 Petahash.
Argo Blockchain (LSE: ARB) (OTCQB: ARBKF) has signed a Letter of Intent with DPN LLC to acquire 320 acres in West Texas, enabling the construction of a 200MW cryptocurrency mining facility within a year. The project will benefit from low-cost electricity sourced mainly from renewable energy. The acquisition cost totals $17.5 million, paid through new share issuance, with a pre-negotiated $100 million credit facility to fund development. A shareholder meeting will be called to approve the issuance of shares related to this transaction.
Argo Blockchain has received approval to commence trading on the OTCQB Venture Market under the ticker symbol ARBKF starting January 13, 2021. This will complement its existing shares trading on the London Stock Exchange. The OTCQB supports companies meeting specific financial reporting and verification criteria, enabling Argo to enhance visibility among US investors. This cross-trading initiative aims to broaden the company's shareholder base as interest in the cryptocurrency market grows. No new shares will be issued, and existing trading on the London Stock Exchange remains unaffected.
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