Argo Blockchain, a cryptocurrency mining service provider, has received a $20 million loan backed by bitcoin (EXANTE: Bitcoin) from Galaxy Digital. The UK-based mining firm will use the six-month loan agreement to build more mining facilities in Texas.
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"It will allow Argo to retain its current BTC holding, while further expanding its mining operations," the company said.
Argo's CEO, Peter Wall, claims the agreement allows securing competitive terms on a loan facility while also allowing it "to continue to HODL" its bitcoins. Argo Blockchain also known as one of the establishers of the so-called Bitcoin Mining Council. The council's goal is a promotion of energy usage transparency & accelerate sustainability initiatives worldwide.
In June last year, Argo doubled its resources in mining the zcash (ZEC) cryptocurrency. According to a report submitted by the London Stock Exchange, the company purchased 750 Bitmain Z11 mining units for $474,000.
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