Credit Move from a Crypto Mining Company

Argo Blockchain, a London-based Bitcoin (BTC) mining company, has decided to use a loan to buy extra mining equipment at its Helios facility in Texas as part of its expansion strategy. Cryptocurrency mining company Argo Blockchain has secured a $70.6 million loan from a subsidiary of New York Digital Investment Group (NYDIG) for this.

Argo Blockchain, which has an average market value of $385 million, received a $26.6 million loan from NYDIG in March. Argo, which wants to increase its mining equipment at the Helios facility in Texas, has recorded an additional $70.6 million debt this time. The mining company also attracted attention as one of the few companies to buy Intel's new mining chips. The newly announced loan will be repaid in 8 parts from the end of April to July, each with 12 percent interest, with a maturity of approximately 2 years. In addition, the loan in March was taken with an annual interest rate of 8.25 percent and a maturity of 4 years. In Q4 2021, Argo recorded £29.6 million ($40.0 million) in unsecured debt by issuing senior notes traded on the Nasdaq Global Select Market, according to CoinDesk.