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Argo Blockchain Purchases Two Data Centres

Argo Blockchain, a global leader in cryptocurrency mining 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.

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“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.”

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.

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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 Blockchain, 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.”

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