Argo Blockchain Receives NYDIG 71M Loan To Buy More Bitcoin Miners

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

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

Argo is on the lookout for more miners for its Texas facility

Under the new terms of their previously signed equipment financing agreement, Argo Helios will receive up to $70.60 million from the US-based company. The loan will be issued " subject to customary drawdown conditions ," Argo noted in its announcement.

Argo CEO Peter Wall said the additional funds will help the company prepare mining equipment at its Texas mining facility, Helios.

" NYDIG understands the financial needs of large Bitcoin miners and we look forward to continuing to work with them to implement and deliver the next phase of Argo's growth, " he added.

Argo Blockchain is one of the largest bitcoin miners in the world, with the company's operations focused on the use of clean energy.

In the market, the London Stock Exchange-listed stock fell 0.02% on Wednesday to close at £62.49. The stock is up more than 4% over the past five days.

However, ARB price has lost over 30% year-to-date, with losses consistent with the downtrend seen in crypto markets for much of 2022.

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