The UK-based crypto mining company Argo Blockchain taps New York Digital Investment group (NYDIG) for a $70.6M loan to finance the purchase of mining equipment for its Helios facility in Texas.
The Helios facility is expected to operate at 200 megawatts (MW), but it has the capacity to be scaled up to 800 MW, making it one of the world’s largest mines.
Argo revealed in March that it received another $26.6 million loan from NYDIG, so now it brings the total to $97.2 million.
The latest loan will be paid out in eight installments from the end of April to the end of July, each having a 12% interest rate and a two-year maturity. The loan, announced in March, had an annual interest rate of 8.25%, and a four-year term.
According to Argo’s annual earnings report, the company additionally raised $40 million in unsecured debt by issuing senior notes that are traded on the Nasdaq Global Select Market.
In November, Argo revealed plans to offer $57.5M worth of 8.75% senior unsecured notes to use the proceeds for rigs at its Texas mining facility as well as construction costs.
Peter Wall, Chief Executive of Argo, stated “NYDIG understands the financial requirements of large-scale bitcoin miners and we are excited to continue working with them to execute and deliver on the next phase of Argo’s growth.”
Josh Burandt, Head of Mining Services at NYDIG, added “NYDIG is pleased to offer additional financing to Argo to complete the next phase of growth for their Helios site. We are happy to support the growth of Argo’s state-of-the-art Texas facility, and we look forward to growing the partnership across verticals.”
