Argo Blockchain buys two data centres in Quebec

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Argo Blockchain PLC (LON:ARB) said it has completed the acquisition of two data centres in the Canadian province of Quebec as part of its strategy to increase its control over the cryptocurrency mining facilities which host its machines.


The company said the data centres have a combined power capacity of 20 megawatts and currently house a significant proportion of its cryptocurrency mining equipment and are powered almost entirely by electricity generated from hydropower, part of Argo’s green mining strategy.


READ: Argo Blockchain’s mining revenues continue to rise


Consideration for the acquisition is “mainly non-cash” consisting of the assumption of existing bank obligations related to these facilities and the application of a previously paid deposit.


“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”, Argo chief executive Peter Wall said in a statement.

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