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Argo Blockchain taps into cheap green power with Canadian deal

It has signed with a Quebec hosting company that has access to some of the world's cheapest clean electricity

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The power is coming from the country's booming hydro-electric sector

Argo Blockchain PLC (LON:ARB),  provider of cryptocurrency mining services, is tapping into one of the cheapest clean energy sources in the world.

It has signed a deal providing 9.5 megawatts of power with GPU.One, a Canadian data centre hosting company.

READ: Argo Blockchain predicted to make significant headway

The agreement with the provider of GPU-based server technology, that is used in currency mining, covers an initial three years with an option to extend by a further two.

Argo will lease two data centres in Quebec, Canada, with the capacity to service over 150,000 subscribers.

Moving quickly 

The contract includes the supply of hydroelectricity at a price of 38 Canadian cents per kilo-watt hour.

 "We are moving quickly to execute on our growth strategy following the company's successful IPO and fund-raise last week,” said Argo co-founder Mike Edwards.

“With this deal we have now locked in enough leased space at the cheapest electricity costs available to handle our first two years of business plans in Canada."

The centres will become operational in September and October.

Last Friday, the company made its debut on the stock exchange, raising £25mln of growth capital, £5mln more than expected.

It is the London’s first cryptocurrency float.

Quick facts: Argo Blockchain Plc

Price: 6.55 GBX

LSE:ARB
Market: LSE
Market Cap: £19.24 m
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