NYDIG Grants Mining Company Argo Blockchain $70 Million Loan to Purchase New Miners

New York Digital Investment Group (NYDIG) will provide a $70.6 million loan to British mining company Argo Blockchain to purchase equipment for its new data center in Texas.

As reported, the deal was concluded by daughters companies NYDIG ABL LLC and Argo Helios LLC. The loan, which will be secured by the purchased equipment, will have an annual interest rate of 12% and will mature in August 2024.

Argo expects 20,000 Bitmain Antminer S19j Pro miners from May to October 2022 to be delivered and deployed to Helios. The company purchased the batch in September 2021.

According to the statement shared by the company, the site is already installing similar devices received from Core Scientific under an equipment exchange agreement.

Argo bought the land for the construction of its data center in Texas in March 2021. In June, the company received a $20 million loan from Galaxy Digital to help it develop its plans.