{"id":286774,"date":"2021-06-29T20:28:25","date_gmt":"2021-06-29T17:28:25","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/argo-blockchain-receives-20m-bitcoin-backed-loan-from-galaxy-digital-for-texas-mining-facility\/"},"modified":"2021-06-29T20:28:25","modified_gmt":"2021-06-29T17:28:25","slug":"argo-blockchain-receives-20m-bitcoin-backed-loan-from-galaxy-digital-for-texas-mining-facility","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/argo-blockchain-receives-20m-bitcoin-backed-loan-from-galaxy-digital-for-texas-mining-facility\/","title":{"rendered":"# Argo Blockchain receives $20M Bitcoin-backed loan from Galaxy Digital for Texas mining facility"},"content":{"rendered":"<p>&#8220;<strong># Argo Blockchain receives $20M Bitcoin-backed loan from Galaxy Digital for Texas mining facility <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvYmM4MGVhZDQtYjc1Yy00YjIxLTlmN2YtNWQzMTBhM2UzMTI1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>Galaxy Digital has issued a $20 million loan to U.K.-based crypto mining company Argo Blockchain for building a data center in West Texas.<\/p>\n<p>In a Tuesday announcement from Argo, the firm <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ArgoBlockchain\/status\/1409753562188505088\">said<\/a> it had secured \u00a314 million \u2014 roughly $19.4 million at time of publication \u2014 in a six-month loan agreement from Galaxy Digital using a portion of its Bitcoin (BTC) holdings as collateral. According to Argo, the proceeds of the loans as well as cash raised from previous funding rounds would be used to expand its mining operations in Texas and meet current operating costs. <\/p>\n<p>\u201cThis agreement allows Argo to secure competitive terms on a loan facility while also allowing us to continue to HODL our Bitcoin,\u201d said Argo CEO Peter Wall. <\/p>\n<p>Because the loan is partially backed by BTC, Argo could benefit by HODLing its crypto and seeing if the price will increase by the time the loan is due in December. Wall told Cointelegraph in March he receives his salary from Argo entirely in Bitcoin, and as of the end of May, the company <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.businesswire.com\/news\/home\/20210603005637\/en\/Cryptocurrency-Mining-Company-Argo-Blockchain-Exceeds-1000-Bitcoin-Holding-and-Provides-Update-on-Mining-Infrastructure\">reported<\/a> it held 1108 BTC \u2014 more than $40 million \u2014 having mined 716 coins in 2021.<\/p>\n<p>Based in the United Kingdom, Argo has been preparing to build a data center in West Texas for some time. In March, the firm announced that it had secured a 320-acre plot of land which it planned to use for the construction of a 200-megawatt crypto mining facility. At the time, Wall cited the state\u2019s cheap renewable energy as well as its openness to innovation in new technologies as part of the reason for the move. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Argo Blockchain buys 320-acre land plot in Texas to expand mining operations<\/em><\/strong><\/p>\n<p>Argo\u2019s announcement comes as crypto firms in the United Kingdom are facing seemingly stricter requirements from the country\u2019s Financial Conduct Authority, or FCA. The regulatory body ordered major crypto exchange Binance to halt all regulated activities in the U.K. following a review of its operations. This month, at least 64 crypto and blockchain firms that previously\u00a0submitted filings for registration with the FCA have withdrawn their <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lications. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/argo-blockchain-receives-20m-bitcoin-backed-loan-from-galaxy-digital-for-texas-mining-facility\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Argo Blockchain receives $20M Bitcoin-backed loan from Galaxy Digital for Texas mining facility &#8221; Galaxy Digital has issued a $20 million loan to U.K.-based crypto mining company Argo Blockchain for building a data center in West Texas. In a Tuesday announcement from Argo, the firm said it had secured \u00a314 million \u2014 roughly $19.4&#8230;<\/p>\n","protected":false},"author":1,"featured_media":286775,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvYmM4MGVhZDQtYjc1Yy00YjIxLTlmN2YtNWQzMTBhM2UzMTI1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74989,75042,117,73808,6474],"class_list":["post-286774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-mining","tag-mining","tag-business","tag-loans","tag-texas"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/286774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=286774"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/286774\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/286775"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=286774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=286774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=286774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}