Argo Blockchain Celebrates Helios Launch
In an electrifying move for the crypto world, Argo Blockchain is on the brink of launching its Helios facility in Dickens County, Texas. After breaking ground in July 2021, the company has announced that mining operations are set to kick-off next week. Coincidentally, this news follows a lively inauguration ceremony. Trust me, they didn’t just glow; they lit it up!
The Green Mining Revolution
Argo’s CEO, Peter Wall, shared with Cointelegraph that the decision to settle in Texas was not just about big skies and open fields. The area boasts abundant renewable energy sources, aligning perfectly with the company’s vision of mining Bitcoin in an environmentally friendly manner. Who knew Bitcoin mining could come with a ‘green’ stamp of approval?
The Road to Climate Positivity
As of August 2021, Argo touted that certain classifications of its crypto operations became “climate positive.” Yes, positive! They aim to eventually go fully carbon neutral. Talk about a crypto firm with a conscience. Wall explains, “A lot of [the available power] is somewhat stranded,” which means less local demand. By utilizing this underappreciated energy, they plan to stabilize the grid. Honestly, between the Bitcoin production and grid stabilization, it’s like Argo is a superhero in disguise.
Scaling Operations with Style
The facility will feature a staggering 20,000 Bitmain S19J Pro rigs. Now, that’s a mining arsenal! Installation and operational launch will be staged from May to October. Initially, they’ll crank up a 200 MW power capacity, with plans to expand to an incredible 600 MW in the upcoming years. By the end of 2022, they anticipate a hash rate of 5.5 exahashes per second – two thumbs up for Bitcoin productivity!
Funding this Extraordinary Venture
So, how much do you think it costs to create such an impressive mining monster? Estimates fall between $1.5 billion and $2 billion—talk about a hefty financial investment! Argo secured a $25 million loan from Galaxy Digital LP using Bitcoin as collateral. Smart move? Definitely. Additionally, they’re supporting the project through a $57.5 million offering of senior notes. They’ve assembled the financial variances to match all that hardware—even if it sounds like the budget was crafted by a mathematician on caffeine.
Texas: The New Crypto Capital
It’s worth noting that Texas has transformed into a hotspot for crypto miners, thanks to attractively low electricity costs and regulations that favor mining operations. The City of Fort Worth even took the plunge earlier this year, launching a pilot program that mines Bitcoin using Antminer S9 rigs installed in City Hall. It seems even local governments are hopping on the Bitcoin bandwagon!
+ There are no comments
Add yours