Crypto mining company Argo Blockchain PLC (LSE:ARB) and (NASDAQ:ARBK) has secured additional financing to purchase digital asset mining equipment, according to a press release published on Wednesday.
The London-based miner said the loan facility was arranged through its subsidiary Argo Helios with New York Digital Investment Group (NYDIG).
Argo plans more miners for its Texas Helios facility
Under revised terms of the existing equipment financing agreement, Argo Helios is set to receive up to $70.6 million (approximately £56.3 million) from NYDIG. The loan will be available “subject to customary drawdown conditions,” the company noted.
Argo CEO Peter Wall stated the additional financing will support preparation and deployment of mining equipment at the company’s Helios facility in Texas.
“NYDIG understands the financial requirements of large-scale bitcoin miners and we are excited to continue working with them to execute and deliver on the next phase of Argo’s growth,” he added.
Argo Blockchain ranks among the world’s largest Bitcoin miners and emphasizes the use of clean energy in its operations.
On the London Stock Exchange, Argo’s shares were little changed on Wednesday, closing at £62.49, down 0.02%. The stock has risen more than 4% over the past five days.
Nevertheless, ARB’s price has declined by over 30% year-to-date, reflecting the broader downtrend seen across crypto markets for much of 2022.