Argo blockchain finalizes second Bitcoin backed loan from Galaxy Digital LP for the rollout of mining operations in Texas.
Argo Blockchain (Blockchain Technology Company Focused On Large-Scale Cryptocurrency Mining) planning to expand their business in Texas based mining extension.
London Stock Exchange announced on 10 September, the new Bitcoin backed loaned has been processed. And the loan amount is 18.05 million pounds, which is around $25 million.
Back in June this year, Argo also grabbed around $20 million from Galaxy digital under the agreement of a Bitcoin backed loan with Galaxy digital.
So, now Argo has a total of $45 million of funds from two back to back Bitcoin backed loans this year.
Now, Argo will utilize this fund for their fresh expansion of operations in Texas.
Back in March 2021, Argo bought 320 acre land with the aim to host 200 megawatt Bitcoin mining operations.
Here Argo has few additional chances to gain in his total capital funds that they secured from Bitcoin loan. If the price of Bitcoin rises at the end of this year then the company could earn a significant yield by holding the BTC sum.
Argo also shared their future plans to continue with the Galaxy digital. They claimed that they will be happy to have Galaxy digital as a finance partner in future businesses.
In September, UK Investor Magazine shared a news about the Bitcoin holding of Argo. According to Magazine, Argo holds a total of 1,314 Bitcoins in their balance sheet and the worth of this amount of Bitcoin is around $77 million at current price.
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