bitcoinBTC/USD
$ 20,272.00
ethereumETH/USD
$ 1,151.02
tetherUSDT/USD
$ 1.00
cardanoADA/USD
$ 0.467538
xrpXRP/USD
$ 0.327451
usd-coinUSDC/USD
$ 1.00

Texas Facility Underway: Argo Blockchain Takes On More Debt for Site Completion

Texas Facility Underway: Argo Blockchain Takes On More Debt for Site Completion

Argo Blockchain, the Bitcoin (BTC) miner, announced on May 4th that it will incur extra debt to purchase hardware for its major Texas site.

Argo Blockchain engaged in a set of loan contracts with the New York Digital Investment Group (NYDIG), the cryptocurrency-oriented lender. Argo Blockchain will be indebted to NYDIG for a total of $70.6 million. The loans are set to mature in approximately two years with a 12% interest. 

Helios, Argo’s main mining plant in Dickens County, Texas, will be the recipient of the funds from the lender. The site’s first phase is underway and is scheduled to open in Q2 of this year.

In a press release, NYDIG’s Head of Mining Services, Josh Burandt, stated that the company plans to expand its cooperation with Argo Blockchain. 

Helios, according to Argo, will be one of the greatest immersion-cooled Bitcoin (BTC) mines in the world when constructed. The company will submerge its mining rigs in a non-conductive substance to boost computer throughput and minimize temperature.

Helios construction started in July 2021, according to Argos. The facility is expected to cost the company between $1.5 billion and $2 billion until it finishes. According to Argo, Phase 1 of the plant will contain around 50,000 mining rigs and will sustain 200 megawatts of power. In addition, the facility has access to around 800 megawatts of electricity from a nearby powerhouse.

Since 2021, a wave of Bitcoin (BTC) miners have relocated to Texas due to favorable regulations and low electricity costs. The decision also comes after China, formerly the biggest cryptocurrency miner in the world cracked down on crypto mining in 2021.

Senator Ted Cruz and other politicians are also broadly supportive of Bitcoin (BTC) mining in Texas. Cruz believes in Bitcoin (BTC) and even owns tokens on his own wallet. Tesla just announced a deal to mine Bitcoin (BTC) with Blockstream and the Block, the CEO of which is Jack Dorsey. Tesla CEO Elon Musk just relocated the company to Texas, in order to reap the benefits of regulations that are far more favorable. 

Also read:

Related News

In order to share their doubts about the industry, the first anti-crypto conference attendees are hoping to get a word with officials from the government.

Crypto Policy Symposium 2022: The First Anti-Crypto Conference

In order to share their doubts about the industry, the first anti-crypto conference attendees are hoping to get a word with officials from the government. Critics of the industry and doubters have joined together to host their own anti-crypto conference where they can express their doubts and connect with legislators in the midst of the most recent crypto bear market. The Crypto Policy Symposium promises to provide skeptics a platform

Read More »
One of the co-founders of OpenSea, the largest Non-Fungible Token (NFT) market in the Web 3.0 ecosystem, Alex Atallah, has stated that by the end of July, he will step down as active manager while remaining on the board.

Co-Founder Of OpenSea Announces He Is Stepping Down As Active Manager

One of the co-founders of OpenSea, the largest Non-Fungible Token (NFT) market in the Web 3.0 ecosystem, Alex Atallah, has stated that by the end of July, he will step down as active manager while remaining on the board. Atallah, who co-founded OpenSea with CEO Devin Finzer in 2017, has played a significant role in the growth of the business. His responsibilities have included community and marketing and product development, among other

Read More »
Updates have been provided on the current service freeze and new recovery efforts were outlined by the company.

Potential Solutions Are Being Considered By Celsius

Strategic deals and liabilities restructuring are being explored by Celsius. Updates have been provided on the current service freeze and new recovery efforts were outlined by the company. On June 12th, all transitions, withdrawals, and swaps were put on pause by Celsius and as of now, the company is looking for ways to recover. “Important steps to preserve and protect assets and explore options” are being taken by the company, per

Read More »

My Coins

bitcoinBitcoin
$ 20,272.005.87%
ethereumEthereum
$ 1,151.028.94%
cardanoCardano
$ 0.4675384.18%
tetherTether
$ 1.000.08%

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