bitcoinBTC/USD
$ 20,442.00
ethereumETH/USD
$ 1,173.95
tetherUSDT/USD
$ 0.99946
cardanoADA/USD
$ 0.463408
xrpXRP/USD
$ 0.328732
usd-coinUSDC/USD
$ 1.00

Argo Blockchain to Build Texas Mining Facility via $57.5 Million Debt Funding

Argo Blockchain has filed an application for debt funding with the SEC for constructing a mining facility in West Texas. Although Argo Blockchain has over 2,000 BTC, it is taking loans instead of liquidiating holdings due to the incredible store value of the biggest cryptocurrency.

Argo Blockchain has applied for $57.5 million debt funding from the SEC for funding the mining facility. 

The application that London’s Argo Blockchain filed with the Securities and Exchange Commission (SEC) to offer $57.5 million to interested investors worth of senior unsecured notes of 8.75%.

The maturity date of the unsecured notes is due on the 30th of November, 2026. The proceeds from said unsecured notes will be used in the Bitcoin (BTC) mining facilities in West Texas to be initiated by Argo Blockchain, the filing specified. 

In recent years, Argo Blockchain has made a strong push into the North American market, emphasizing the inexpensive and renewable energy sources accessible in many parts of the continent. The purchase and building of the West Texas facility prompted the company to take out loans from Galaxy Digital using Bitcoin (BTC)  as collateral in June and September.

Per the SEC filing of Argo Blockchain, the company disclosed a staggering 2,128 Bitcoin (BTC) holdings that were mined from the said facility, but because Bitcoin (BTC) has incredible store value, Argo Blockchain will not liquidate any of its Bitcoin (BTC) holdings but would instead take a loan for the further facility development. 

This mining facility is a project that Argo Blockchain is particularly proud of, seeing as the massive amounts of energy needed to mine Bitcoin (BTC) will be exclusively generated from renewable energy sources, supplying a total of 800 MW of power, thus, silencing any backlash regarding environmental hazard consequences.

In the filing, Argo Blockchain declared that “we believe that as cryptocurrency continues to develop as an emerging store of value and medium of exchange, it is increasingly important that this asset class evolves in an environmentally and socially responsible manner. We are committed to being the industry leader in the development of environmentally responsible approaches to cryptocurrency mining.”

The quick and bold decisions of Argo Blockchain are fueled by the China crackdown back in May that prompted the immediate relocation of Bitcoin (BTC) miners overseas. This occurrence made it open season on Bitcoin (BTC) mining and due to this, the United State as of this summer is dominating the Bitcoin (BTC) hashrate. As such, Argo Blockchain is a firm believer that mining activity will become quite lucrative and also sustainable given the incentive to use new technologies for reducing the massive carbon footprint. 

In addition, the fund of $57.5 million will also be used to acquire mining hardware and equipment for the brand new mining facility in West Texas which is expected to officially begin work next year.

Also read: Tim Cook Discloses His Crypto Portfolio and Apple Future Crypto Plans

Also read:

Related News

Meta Continues With Its NFT Plans

Meta stated that its other cryptocurrency initiatives are proceeding according to schedule after announcing the end of its Novi project. Non-fungible tokens (NFT) have been developing for a while by the company. The Novi initiative, which enables remittances and international money transfers, will shortly be shut down, the company announced recently. According to the company, the project will no longer operate as of September 1. Users of Novi were informed

Read More »

Bitcoin’s Lightning Network Now Available for Argentina From OpenNode Partnership With Lemon Cash

OpenNode, a supplier for Bitcoin payments, has teamed with Lemon Cash, a well-known Latin American bitcoin wallet service. The wallet’s cooperation with OpenNode allows over 1 million Lemon Cash users to now access Bitcoin’s Lightning Network. “This partnership is yet another example of our capability and belief in Bitcoin as the new base layer for global payments… We’re proud to support Lemon’s mission and its desire to scale and benefit

Read More »
LuckyBlock is a worldwide game and competition platform with play to earn rewards using blockchain protocols. They have already given many prizes to the participants of the game.

Lucky Block Partners with Crypto Academy

Lucky Block has partnered with Crypto Academy, as we look forward to many updates and launches ahead.  Lucky Block has reached a partnership with Crypto Academy, the renowned Crypto Marketing Agency, and Informational and Educational portal. With an incredible success rate in helping cryptocurrency-focused startups grow in the industry, the partnership with Crypto Academy is a stepping stone in the exciting journey ahead for Lucky Block. LuckyBlock is a worldwide

Read More »

My Coins

bitcoinBitcoin
$ 20,442.002.34%
ethereumEthereum
$ 1,173.953.99%
cardanoCardano
$ 0.4634082%
tetherTether
$ 0.999460.15%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

sales@crypto-academy.org

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: sales@crypto-academy.org