The deal will also see the two firms work together to develop miners built to Argo’s specifications.
Luxor Technologies will use the funds to expand its hashrate and hire more engineers.
Argo said the new Texas facility will have access to up to 800 megawatts of cheap, renewable energy.
With bitcoin trading near $36,500, the new holdings have a current value of over $6 million.
Argo Blockchain has reported a near quadrupling in revenue even as capital depreciation led pre-tax profits to slide by 45%.
Doubling its mining capacity for privacy coin zcash could help Argo diversify after last month’s halving knocked its bitcoin revenue.
Bitcoin mining firm Argo Blockchain said an 11-fold increase in revenues shows pivoting away from mining-as-a-service was a good move for the company.
For its first full year of operations, Argo says it generated just over $11 million in revenue
Struggling crypto mining firm Argo Blockchain says it's expecting to break even in the second quarter after an investment in new equipment.
Frank Timis, a convicted heroin dealer and oil millionaire, is trying to oust execs at the London-listed crypto mining firm Argo Blockchain.