Argo Blockchain borrows $70M from NYDIG to buy mining rigs

The loan was taken in order to build out its 200 MW Helios facility in Texas.

Argo Blockchain borrows $70M from NYDIG to buy mining rigs
Photo by Patrik Kernstock / Unsplash

Mining firm Argo Blockchain (ARB) is borrowing $70.6 million from a subsidiary of New York Digital Investment Group (NYDIG) to fund the purchase of mining equipment for its Helios facility in Texas.

Back in March, Argo announced another $26.6 million loan from NYDIG, bringing its total debt to $97.2 million.

The Helios facility in Dickens county is expected to operate at 200 megawatts of electricity and can be ramped up to 800 megawatts. This would make it one of the largest mines in the world.

The loan announced on Wednesday will be paid out in eight tranches from the end of April to July, each with an interest rate of 12% and maturing in about two years.

The loan announced in March came with an 8.25% per annum interest rate and a term of four years.


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