Argo Blockchain is a U.K.-based bitcoin mining firm. Recently, it got $20M loan, with six-months load period, in order to build out its facility in Texas, U.S.
The loan is from crypto financial services firm Galaxy Digital and is backed by part of Argo’s bitcoin holdings, meaning the firm won’t have to sell its bitcoin for the Texas expansion.
Argo announced the Texas facility earlier this year, saying it will have a power capacity of 200 megawatts (MW). At the time, the firm said it would raise $17.5 million by issuing new shares and also take a $100 million “pre-negotiated” loan for the Texas facility.
Argo currently has three mining facilities in Canada with a total capacity of 35 MW, where it mines bitcoin and privacy-oriented cryptocurrency Zcash, according to its website.