Argo's Texas Data Center Opens

Argo projects that the new mining facility will boost its hash rate from the current 1.6 EH/s to 5.5 EH/s by the end of 2022 and 20 EH/s in the coming years.

A stock photo featuring mining devices and data center technician in neon light.

Argo Blockchain (NASDAQ: ARBK; LSE: ARB) expects its flagship Bitcoin mining facility Helios to start operating the next week. The data center, built on the 320-acre plot of land in Dickens County, Texas, cost Argo $1.5-2b to construct. Prior to the launch of Helios, the London-based company already operated two smaller facilities in Quebec.

The data center will host 20,000 Bitmain S19J Pro miners expected to be delivered and installed between May and October 2022. Additionally, Argo has already started the installation of Bitmain S19J Pro machines obtained from a swap agreement with Core Scientific. The process will continue through July 2022.

According to the official announcement, phase 1 of Helios development will utilize 200 MW of power capacity, with the additional 600 MW coming in the next years. Such an increase will boost Argo’s global hash rate share from 0.6% to nearly 9%.

“I’m extremely grateful to everyone who has been involved in the planning and execution of Helios. We started construction on the facility in July 2021 and it is a tremendous achievement that the site will commence mining operations in less than 12 months,” Argo’s CEO Peter Wall said.