HomeBitcoin MiningArgo Blockchain Is Building a Clean Energy-Based Crypto Mining Facility

Argo Blockchain Is Building a Clean Energy-Based Crypto Mining Facility

Date:

Related stories

El Salvador Pushing to Institute Banks Geared Toward Bitcoin Investors

El Salvadoran president Nayib Bukele is advancing a proposal...

Bitcoin and Altcoins Drop Massively in Value Despite Upward Expectations

Despite news this week of inflation rates lower than...

Whales Snag $1.38 Billion Worth of BTC In One Day

June 11 saw Bitcoin Whales purchase over $1.30 billion...
spot_imgspot_img

Argo Blockchain – a crypto mining company stationed in London – has borrowed more than 18 million pounds from Galaxy Digital, the hedge fund run by crypto mogul and billionaire investor Mike Novogratz. The purpose? To establish a new mining project in Texas that runs entirely on green energy.

Argo Blockchain Has Set Its Sights on Texas

The argument for green energy in the crypto mining sector has grown exponentially over the past few months. There are many statements claiming that crypto mining uses more energy than many countries such as Iceland and Argentina. In addition, it has been said that crypto mining has as big a carbon footprint as the city of Las Vegas, Nevada.

Many prominent individuals working in the crypto space have also voiced opposition to how much energy is used during the mining process. For example, Elon Musk – the South African entrepreneur behind billion-dollar companies such as SpaceX and Tesla – initially decided last February that individuals could purchase electric vehicles with bitcoin, only to renounce the decision just a few weeks later.

Musk decided that he could not condone bitcoin vehicle purchases until crypto miners contributed to fewer emissions and used their energy sources more effectively. Also, Kevin O’Leary of “Shark Tank” fame decided that he was no longer going to purchase bitcoin mined in China given that the country allegedly did not use green energy sources enough.

These arguments go on and on, and it looks like Argo Blockchain is working to contribute to a cleaner environment and save the planet before things get out of control. The present loan is worth about $25 million. Argo already has a separate loan with Galaxy Digital that is going to be rolled up into the same plan as this one. Thus, Argo owes Galaxy Digital approximately $32 million at the time of writing.

The money will be spent on developing a new mining firm stationed on 320 acres in west Texas. The development, Argo says, will be utilized to mine additional bitcoin units while also maintaining the company’s present BTC stash. Following the news of the loan, shares in Argo went up by one percent.

Some Odd Points Regarding the Deal

The big clincher, according to the mining enterprise, is that the facility will operate entirely on sustainable energy. The company mined more than 206 bitcoin units just last month alone. At the time, the stash was worth more than six million pounds. As of then, the company’s balance sheet boasts more than 1,000 individual bitcoin units.

There are claims that the development in west Texas was the victim of a short sale. A company known as Boatman Capital says that the land Argo paid for was “vastly overvalued,” and that there were multiple concerns regarding the transparency of the deal. However, Argo has issued a statement claiming that these allegations are “unfounded.”

Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img