Bitcoin miner Argo entered into an agreement to take up to $70.6 million in loans from crypto financial services firm NYDIG.
The new capital will be used to continue the development of its Helios facility in Texas, the company announced Wednesday.
The first tranche was scheduled for April 29 and the subsequent ones will be on May 31 and June 30. All of them have a 12% interest rate and are secured by mining machines at the Helios facility.
The company has announced other loans to help build out the Texas facility in the past few months, including $26.66 million from NYDIG in March, $25 million from Galaxy Digital in September and another $20 million from the same company in June.
Construction for the 200 megawatts Texas facility broke ground in July of last year. According to a recent update , mining operations are expected to start in the second quarter of 2022.
Argo is headquartered in London, UK and has two facilities in Quebec, as well as its flagship center in Texas. It is listed on the London Stock Exchange and launched an IPO in the United States last year.
Argo saw a 291% revenue increase in 2021, according to the results announced last week . © 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.