Argo, a bitcoin miner, has agreed to borrow up to $70.6 million from the crypto financial services business NYDIG. According to the corporation, the fresh funds will be used to continue the development of its Helios plant in Texas.
The first tranche was set for April 29, with the next two scheduled for May 31 and June 30. They all have a 12% interest rate and are backed by mining machines at the Helios plant.
Other loans for the Texas plant have been revealed in recent months, including $26.66 million from NYDIG in March, $25 million from Galaxy Digital in September, and another $20 million from the same business in June.
The 200 megawatt Texas project began construction in July of last year. According to a recent report, mining operations are planned to begin in the second quarter of 2022.
Argo has two Quebec locations, as well as its flagship centre in Texas, and is headquartered in London, United Kingdom. It is traded on the London Stock Exchange and had an initial public offering (IPO) last year in the United States.
According to the data released last week, Argo’s revenue increased by 291 percent in 2021.
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