Argo Blockchain makes 'green' data centre purchases

© Reuters.

By Samuel Indyk – UK-listed cryptocurrency miner Argo Blockchain has announced it has completed the acquisition of two data centres in Quebec, Canada, following its share purchase agreement with announced in February.

The data centres have a combined total of 20MW of power capacity and currently house a significant proportion of the company’s cryptocurrency mining equipment.

“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,” said Argo Blockchain CEO Peter Wall.

Green mining

Argo Blockchain (LON:) said the data centres are powered almost entirely by hydro electric power, “a key part of the Company’s green mining vision”.

The update comes amid a storm brewing in the cryptocurrency space after Tesla CEO Elon Musk said his company would stop accepting as payment for vehicles, citing environmental concerns.

“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,” Elon Musk said on Twitter.

Latest data from the University of Cambridge says Bitcoin mining at its current rate uses the same amount of energy as the Netherlands did in 2019.

At 09:46, shares in Argo Blockchain were trading lower by 9.9% at 130.66 pence per share.

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