Argo Blockchain announces $70M financing from NYDIG

Crypto mining agency Argo Blockchain PLC (LSE:ARB) and (NASDAQ:ARBK) has secured further financing for the acquisition of digital asset mining tools, in accordance with a press launch printed on Wednesday.

The London-based miner introduced the mortgage facility was acquired by its subsidiary Argo Helios from New York Digital Funding Group (NYDIG).

Argo eyes extra miners for its Texas-based facility

Beneath the brand new phrases of their beforehand signed tools financing settlement, Argo Helios is about to obtain as much as $70.60 million (roughly £56.3 million) from the US-based agency. The mortgage shall be issued “topic to customary drawdown situations,” Argo famous in its announcement.

Argo CEO Peter Wall stated that the extra funds will assist the corporate get mining tools prepared at its Texas-based mining facility Helios.

“NYDIG understands the monetary necessities of large-scale bitcoin miners and we’re excited to proceed working with them to execute and ship on the subsequent section of Argo’s development,” he added.

Argo Blockchain is among the many largest Bitcoin miners on the earth, with the corporate’s operations pegged on using clear power.

Available in the market, the London Inventory Trade-listed inventory fell 0.02% on Wednesday, closing at £62.49. The inventory has gained greater than 4% prior to now 5 days. 

Nonetheless, the ARB worth has shed over 30% year-to-date, with the losses aligned with the downtrend witnessed throughout the crypto markets for a lot of 2022.

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