Argo Blockchain Purchases Two Data Centres
Argo Blockchain (OTCQX: ARBKF) has successfully acquired two data centers in Quebec, Canada, as part of its strategic plan to enhance control over its cryptocurrency mining operations. This move aligns with Argo's commitment to sustainable energy, as the data centers are powered almost entirely by hydroelectric sources. The acquisition involved the assumption of existing bank obligations rather than cash payments. CEO Peter Wall stated that this milestone supports long-term growth and stability in mining production and costs.
- Acquisition of 20MW data centers enhances operational control.
- Data centers utilize hydro power, supporting green mining vision.
- Acquisition structured mainly through assumption of bank obligations, preserving cash flow.
- None.
Argo Blockchain (LSE:ARB) (OTCQX: ARBKF), a global leader in cryptocurrency mining today announced that, further to the share purchase agreement with GPU.one announced on February 3, 2021, it has completed the acquisition of the two data centres in Quebec, Canada. The acquisition is part of the company’s strategy to increase control over the mining facilities in which its machines are hosted, with a view to providing the company with long term stability.
The data centres have a combined total of 20MW of power capacity and currently house a significant proportion of Argo's cryptocurrency mining equipment. The data centres are powered almost entirely by electricity generated from hydro power, which is a key part of the company’s green mining vision.
The consideration for the acquisition was mainly non-cash consisting of the assumption of existing bank obligations related to these facilities and the application of a previously paid deposit.
Peter Wall, Chief Executive of Argo, said: “Argo's purchase of data centres in Canada represents another milestone for the Company as we seek to take greater control over our mining production and mining cost base, while also laying solid foundations for long-term growth.”
About Argo:
Argo Blockchain plc is a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy. The Company is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB and on the OTCQX Best Market in the United States under the ticker: ARBKF.
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