U.Okay.-based bitcoin mining agency Argo Blockchain has taken a $20 million loan to build out its facility in Texas, U.S.
The loan is from crypto monetary providers agency Galaxy Digital and is backed by a part of Argo’s bitcoin holdings, that means the agency will not have to promote its bitcoin for the Texas enlargement. The loan interval is for six months. Argo did not disclose different phrases of the financing.
Argo introduced the Texas facility earlier this 12 months, saying it’ll have an influence capability of 200 megawatts (MW). At the time, the agency stated it might increase $17.5 million by issuing new shares and in addition take a $100 million “pre-negotiated” loan for the Texas facility. Argo presently has three mining facilities in Canada with a complete capability of 35 MW, the place it mines bitcoin and privacy-oriented cryptocurrency Zcash, in accordance to its web site.
Argo is listed on the London Stock Exchange and presently has a market capitalization of almost $700 million. The agency’s inventory, like most different crypto mining shares, has outperformed bitcoin, in accordance to The Block’s Data Dashboard. Argo inventory’s value has surged almost 925% since its itemizing in August 2018, whereas bitcoin’s value has elevated virtually 385% throughout the identical interval.
