Argo Blockchain recordsdata for $57.5 million providing of secured notes to fund Texas mining facility

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United Kingdom-based Crypto mining corporate Argo Blockchain can be investment a part of the construction and gear of its deliberate 800-megawatt knowledge middle in West Texas via an providing of senior notes.

According to a Nov. 8 submitting with the Securities and Exchange Commission, Argo plans to supply $57.5 million value of 8.75% senior unsecured notes set to mature on Nov. 30, 2026. The corporate stated it intends to make use of the proceeds for rigs at its Texas Crypto mining facility in addition to building prices.

Argo broke flooring at the 200 MW Crypto mining facility founded in July, reporting the website online would give the corporate “get right of entry to to as much as 800 MW {of electrical} energy” for its long term operations if it chooses to obtain and increase all to be had land. Cointelegraph reported on Nov. 5 that the ability may just price Argo anyplace between $1.5-2 billion, with the land already estimated at $17.5 million.

The corporate secured two multimillion loans from Galaxy Digital in June and September the usage of its Bitcoin (BTC) as collateral to fund the website online, which it plans to have up and working by means of mid-2022. CEO Peter Wall has cited Texas’ reasonable renewable power as a part of the cause of the development of the knowledge middle within the house, with the SEC submitting pointing out Argo anticipated greater than 90% of its energy would come from ”dependable, renewable energy resources at a value underneath $0.02/kWh.”

Related: Industrial Bitcoin mining breathes new existence into tiny Texan the city

Argo reported it had mined 167 BTC in October, and held 2,128 BTC — more or less $142 million — on its steadiness sheet as of Oct. 31. With the cost of Bitcoin just lately attaining an all-time prime of greater than $68,000, HODLing extra of the Crypto asset may just turn out to be successful for the mining company.

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