Argo Blockchain purchases two Quebec data centers powered by hydro

Quebec province map

Argo Blockchain, a cryptocurrency mining company, has completed the acquisition of two data centers in Quebec, Canada, powered almost entirely from hydropower.

The acquisition is part of the company’s strategy to increase control over the mining facilities in which its machines are hosted, with a view to providing the company with long-term stability, according to a press release. It is also a key part of the company’s green mining vision.

The consideration for the acquisition was 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,” said Peter Wall, chief executive of Argo.

Argo Blockchain plc is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange and on the OTCQX Best Market in the U.S.

Earlier this month, Hydro Review reported on a similar arrangement with Google, signing an agreement with AES Corporation to use hydropower for its data centers.

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