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Argo Blockchain turns up the power as Twitter mulls big Bitcoin investment

Argo Blockchain has announced that it has entered into an agreement that will enable to vastly expand its cryptocurrency mining operations at a time where Bitcoin appears to be on the verge of mainstream acceptance.

Following Tesla’s investment of $1.5bn investment into Bitcoin, Twitter becomes the latest name to confirm its interest in potentially adding Bitcoin to its balance sheet and paying employees through it or vendors.

The comments came from Twitter’s CFO Ned Segal in a CNBC interview who stated:

“We’ve done a lot of the upfront thinking to consider how we might pay employees should they ask to be paid in bitcoin – how we might pay a vendor if they asked to be paid in bitcoin and whether we need to have bitcoin on our balance sheet should that happen,”

Ned Segal, Twitter CFO speaking to CNBC

Argo Blockchain continues to ramp up the power

Earlier today, high-flying Bitcoin miner Argo announced to the markets that it was set to acquire 320 acres of land in West Texas USA with access of up to 800-megawatts of power where it will look to build a new 200mw mining facility within a year.

The deal was penned with DPN LLC of New York for an overall acquisition price of $17.5m USD and will satisfied by the issue and allotment of new ordinary shares in Argo.

The company will also be supported with sufficient debt capital to upscale its operations through access to a $100m USD credit facility at ‘competitive rates.

Commenting on the acquisition was Peter Wall, CEO of Argo Blockchain who emphasised the significance of the deal as Argo continues to expand:

“We are incredibly excited about this proposed acquisition. It gives Argo tremendous control over its mining operations, as well as significant capacity for expansion. In addition, we have been able to secure access to some of the cheapest renewable energy worldwide in a location where innovation in new technologies is encouraged and incentivised.”

The share price of Argo Blockchain is currently at 123p.

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