Home Business Bitcoin Miner Argo Takes Out $70 Million Mortgage For Texas Mining Operation

Bitcoin Miner Argo Takes Out $70 Million Mortgage For Texas Mining Operation

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Argo Blockchain has secured over $70 million in loans to ramp up manufacturing in its new Bitcoin mining operation in Dickens County, Texas.

The corporate is borrowing an mixture principal quantity of $70.6 million from New York Digital Funding Group (NYDIG) for Helios, the corporate’s flagship crypto mining operation within the Lone Star state.

That is the second 8-figure mortgage that Argo has taken out from NYDIG within the final month. In March, the agency, which has a $385 million market cap, took out $26.6 million in debt from NYDIG, placing their complete borrowing spree from NYDIG at $97.2 million.

Peter Wall, Chief Govt of Argo, mentioned: “We’re delighted to safe this extra non-dilutive funding which is able to allow us to proceed becoming out Part 1 of our Helios web site. NYDIG understands the monetary necessities of large-scale bitcoin miners and we’re excited to proceed working with them to execute and ship on the following section of Argo’s progress.”

Josh Burandt, Head of Mining Companies at NYDIG, mentioned: “NYDIG is happy to supply extra financing to Argo to finish the following section of progress for his or her Helios web site. This partnership will assist additional NYDIG’s purpose of securing the bitcoin community and supporting the expansion of the world’s main Bitcoin miners. We’re joyful to help the expansion of Argo’s state-of-the-art Texas facility, and we stay up for rising the partnership throughout verticals.”

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Final week, Argo revealed it was elevating its 2022 hashrate steerage by almost half, from 3.7 exahash per second (EH/s) to five.5. To take action, the corporate mentioned it might be using the brand new ASIC chips from Intel.

“With our mining operations at Helios anticipated to start in Could, together with the event of customized mining machines utilizing Intel’s next-generation Blockscale ASIC chips, Argo is well-positioned to proceed its progress with a deal with delivering for our shareholders,” CEO Peter Wall mentioned in an announcement. Throughout an earnings convention name, Wall famous that about 33% of the projected hashrate will come from Intel-powered mining rigs.

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Disclaimer: These are the author’s opinions and shouldn’t be thought of funding recommendation. Readers ought to do their very own analysis.

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