In a news release at the London Stock Exchange on Monday, the company stated that it has bought DPN LLC, owner of the 320-acre plot, for the planned 200-megawatt data center.
As announced in February, with access to up to 800 MW of cheap and mostly renewable electricity, the new facility will be built over the next 12 months.
According to Coindesk, the initial price of the acquisition was $5 million paid via the issue and allotment to DPN shareholders of 3.4 million new ordinary shares in Argo.
The company noted that a further payment of $12.5 million in shares will be payable if contractual milestones related to the mining center are fulfilled.
Peter Wall, chief executive of Argo Blockchain, stated:
“[The land purchase] not only gives us greater control over our mining operations but also the ability to meaningfully expand our mining capacity on a large scale.”