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Argo Blockchain agrees deal to construct Texas mining facility

The crypto-miner said it has signed a contract with mining facility designer Navier to co-develop its new location in Helios

Argo Blockchain PLC - Argo Blockchain inks deal to construct Texas mining facility

Argo Blockchain PLC (LON:ARB) said it signed a contract with Navier Inc, a specialist designer and builder of cryptocurrency mining facilities, to co-develop the company’s new facility in Helios, Texas.

The crypto-miner said under the agreement Navier will provide consulting services relating to the design and construction of the new facility, including the co-design of electrical infrastructure capable of supporting 200 megawatts of mining.

WATCH: Argo Blockchain report 84% March mining margin as revenues soar 'outperforming Bitcoin'

Navier will also work with Argo to install “next-generation immersion technology” which is designed to boost mining productivity, control heat and increase the lifespan of the installed mining rigs.

Argo said it will pay a monthly retainer to Navier, as well as issuing a warrant that will allow the firm to purchase up to 223,821 Argo shares at a price of 135p each.

"We are delighted to have Navier on the team to help us develop our new mining facility in West Texas. Argo intends to build state-of-the-art mining infrastructure which will not only provide greater control over our operations but also meaningfully expands our mining capacity. At this facility we believe we will have access to some of cheapest renewable energy worldwide", Argo chief executive Peter Wall said in a statement.

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