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 (NYDIG). The move will help Argo fund the purchase of mining equipment for its Helios facility in Dickens County, Texas.
Argo Seeks Additional Equipment Financing From NYDIG
As part of the financing, Argo will borrow up to $70.6 million from NYDIG, the interest rates set at 12%, the official press release stated. The loan will be offered in allocations starting from April to July 2022. Following the development, Peter Wall, Chief Executive of Argo, commented,
“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 l
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