Popular Bitcoin miner Argo Blockchain has announced taking on additional debt under Argo’s equipment financing agreement from a subsidiary of New York Digital Investment Group . The move will help Argo fund the purchase of mining equipment for its Helios facility in Dickens County, Texas.As part of the financing, Argo will borrow up to $70.6 million from NYDIG, the interest rates set at 12%, the officialstated. The loan will be offered in allocations starting from April to July 2022.
“We are delighted to secure this additional non-dilutive funding which will enable us to continue fitting out Phase 1 of our Helios site. NYDIG understands the financial requirements of large-scale bitcoin miners and we are excited to continue working with them to execute and deliver on the next phase of Argo’s growth.”
The latest development comes less than two months after the Bitcoin miner signed an equipment financing agreement with the NYDIG subsidiary.borrowing $26.66 million, at an 8.25% per annum interest rate and a term of four years, to recapitalize the purchase of electrical infrastructure equipment for the company’s flagship cryptocurrency mining facility in Texas. The focus was also on being able to “energize” the 200 megawatts Helios facility. In total, Argo has borrowed more than $97 million.