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Argo Blockchain Secures $20M Bitcoin-Backed Loan to Expand Texas Data Center
The loan agreement is for a six-month term and will be used to expand Argo’s West Texas data center.
Updated Sep 14, 2021, 1:18 p.m. Published Jun 29, 2021, 6:19 p.m.
Argo Blockchain (LON: ARB) announced that it has secured a £14 million (US$20 million) loan from Galaxy Digital to expand its West Texas data center.
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- Argo Blockchain said the loan agreement is for a term of six months and includes a portion of the company's bitcoin holding as collateral.
- Proceeds will be used to continue the expansion of the company's data center in West Texas and to meet its operating cash flow requirements.
- In March, London-based Argo acquired the New York firm DPN LLC, bringing it ownership of a chunk of land in West Texas for the construction of a new cryptocurrency mining facility.
- “This agreement allows Argo to secure competitive terms on a loan facility while also allowing us to continue to HODL our bitcoin," Argo CEO Peter Wall said.
Read more: Argo and DMG Join Group Working to Lower Bitcoin Miners’ Carbon Emissions
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