London-based Bitcoin mining giant Argo Blockchain ADR plans to build an 800-megawatt data center in West Texas that would cost the firm from $1.5 to $2 billion.
What Happened
The cost estimate for the mining facility is based on “the type of mining machines to be installed in the facility, the mix of owned and hosted machines, the cost of raw materials, labor and power required to construct the facility, the timing of build-out and machine purchase, and other factors,” according to a Friday regulatory filing from Argo Blockchain.The company also said this was only an estimate for the cost of the Helios mining facility built on a 320-acre land plot and “future results could differ materially.”
The report follows the recent release of Argo Blockchain’s quarterly results earlier this week. The firm claims the results show its “strong growth” in the United States and abroad as the company’s net income attributable to common shareholders in the quarter reached $19.8 million, or $0.56 per diluted common share.
Price Action
Argo Blockchain’s shares are up 1.04 percent at $17.49 at market close Friday.By Adrian Zmudzinski
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