At their October 4 community outreach event in Spur, Argo Blockchain executives walked through some basics about the firm and its new development in Dickens County, Texas.
CEO Peter Wall led off with a video, and the team presented information about the company’s corporate structure and goals, and a bit about Bitcoin and how it’s mined.
Their PowerPoint boiled down some complex concepts—and for those who weren’t able to attend, we’ll delve more deeply into “crypto” in the coming weeks.
The venture between Wall and VP Justin Nolan began in 2019, when Nolan heard Bitcoin mining was spreading to Texas and began looking for a site. He found a site in Dickens County, next to the Cottonwood electrical substation, and purchased the land that same year.
Nolan then spent two years searching for the right partner, and in early 2021 his original Helios project was acuired by Argo Blockchain. Wall, who had been an early hire at Argo, stepped up to the CEO slot.
Today, Argo Blockchain employs enormous computing power to solve the algorithms, or “hashes,” that represent the secure transactions recorded in a digital blockchain. As Wall explained, “mining” may be something of a misnomer, with the operation more resembling minting digital currency. TO BE CONTINUED IN THE TEXAS SPUR
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