Cryptocurrency mining company Argo Blockchain has signed a loan agreement with Galaxy Digital using its Bitcoin as collateral.
Announcement of ArgoAccording to the company, the Bitcoin-backed loan agreement will cost £ 18.05 million.
Argo also signed a loan agreement backed by Galaxy Digital and BTC in JuneHave been concludedAt that time, the amount was 14 million pounds (about 2.1 billion yen).
Argo will use these new funds to expand mining facilities in Texas, USA.
Argo in Texas in MarchAcquired 320 acres of land, Is building a Bitcoin mining facility.
By securing a loan with Bitcoin collateral, Argo can increase the available capital without selling the mined BTC.
If Bitcoin prices continue to rise as bullishly predicted by the end of the year, the loan repayment burden will be reduced.
How much Bitcoin does Argo hold? Early SeptemberUK Investor MagazineReports that Argo owns 1659 BTC.
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