Argo Blockchain secures $71 Million NYDIG loan to buy more Bitcoin miners

Crypto mining firm Argo Blockchain PLC (LSE:ARB) and (NASDAQ:ARBK) has secured additional financing for the purchase of digital asset mining equipment, according to a press release published on Wednesday.

The London-based miner announced the loan facility was acquired through its subsidiary Argo Helios from New York Digital Investment Group (NYDIG).

Argo eyes more miners for its Texas-based facility

Under the new terms of their previously signed equipment financing agreement, Argo Helios is set to receive up to $70.60 million (roughly £56.3 million) from the US-based firm. The loan will be issued “subject to customary drawdown conditions,” Argo noted in its announcement.

Argo CEO Peter Wall said that the additional funds will help the company get mining equipment ready at its Texas-based mining facility Helios.

“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,” he added.

Argo Blockchain is among the largest Bitcoin miners in the world, with the company’s operations pegged on the use of clean energy.

In the market, the London Stock Exchange-listed stock fell 0.02% on Wednesday, closing at £62.49. The stock has gained more than 4% in the past five days. 

However, the ARB price has shed over 30% year-to-date, with the losses aligned with the downtrend witnessed across the crypto markets for much of 2022.