United Kingdom-based crypto mining firm Argo Blockchain will probably be funding a part of the constructing and gear of its deliberate 800-megawatt information middle in West Texas by means of an providing of senior notes.
Based on a Monday submitting with the Securities and Alternate Fee (SEC), Argo plans to supply $57.5 million value of 8.75% senior unsecured notes set to mature on Nov. 30, 2026. The corporate stated it intends to make use of the proceeds for rigs at its Texas crypto mining facility in addition to development prices.
Argo broke floor on the 200 MW crypto mining facility in July, reporting the positioning would give the corporate “entry to as much as 800 MW {of electrical} energy” for its future operations if it chooses to amass and develop all accessible land. Cointelegraph reported on Friday that the power might price Argo anyplace between $1.5 billion and $2 billion, with the land already estimated at $17.5 million.
The corporate secured two multimillionloans from Galaxy Digitalin June and Septemberusing its Bitcoin (BTC) as collateral to fund the site, which it plans to have up and running by mid-2022. CEO Peter Wall has cited Texas’ cheap renewable energy as part of the reason for the construction of the data center in the area, with the SEC filing stating that Argo expected more than 90% of its power would come from ”reliable, renewable power sources at a cost below $0.02/kWh.”
Industrial Bitcoin mining breathes new life into tiny Texan town
Argo reported it had mined 167 BTC in October, and held 2,128 BTC — roughly $142 million — on its steadiness sheet as of Oct. 31. With the value of Bitcoin just lately reaching an all-time excessive of greater than $68,000, HODLing extra of the crypto asset might show to be worthwhile for the mining agency.
