Argo Blockchain Acquires 2 Data Centers in Canada

In an attempt to increase Bitcoin mining capacity, London-listed Argo Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term (LON: ARB) announced on Thursday the completion of the acquisition of two data centers located in the Quebec province in Canada.

Both of these data centers will generate a combined power capacity of 20MW. These data centers are almost entirely run by locally generated hydroelectricity, meaning Argo can benefit from cheap power in the region.

A Strategic Acquisitation

According to the company, the latest acquisition is a part of its strategy to increase control over the mining facilities in which its machines are hosted. Apparently, a significant number of Argo’s mining machines are hosted in these two data centers. The company stressed that the move will bring long-term stability to its business.

“Argo's purchase of data centers 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 CEO, Peter Wall said in a statement.

Additionally, the announcement detailed that the Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term for the acquisition were mainly non-cash, consisting of the assumption of existing bank obligations related to these facilities and from the deposits made earlier.

Similar to most of the major crypto mining companies, Argo is increasing its arsenal of crypto mining rigs. The UK company reported a 1,000 percent spike in Bitcoin mining revenue in 2019 as the company mined 1,330 Bitcoin throughout the year. Moreover, it posted impressive operational numbers for the first few months of 2021.

Furthermore, its Chief Executive made headlines earlier this year as he decided to receive his entire salary in Bitcoin.