Argo Blockchain agrees construction deal for U.S. mining facility

© Reuters.

By Samuel Indyk – Argo Blockchain has signed a contract with Navier, a specialist in design and construction of cryptocurrency mining facilities, to co-develop Argo’s new mining facility in Helios, West Texas.

Navier is to provide a range of consulting services to the UK-listed cryptocurrency miner relating to design and construction of the new facility.

The facility is to include “best-in-class” electrical infrastructure capable of support 200MW of mining. Navier is to also work to install next generation immersion technology to boost productivity, control heat and increase the lifespan of installed mining rigs.

Argo Blockchain (LON:) will pay a monthly retainer to Navier and has agreed to issue the construction company with certain warrants.

“We are delighted to have Navier on the team to help us develop our new mining facility in West Texas,” Argo Blockchain CEO Peter Wall said in a statement. “At this facility we believe we will have access to some of cheapest renewable energy worldwide.”

At 10:00BST, Argo Blockchain shares were trading higher by 17.3% at 170.17 pence per share.

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