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As it seeks more operational expansions, the Bitcoin mining behemoth has entered into another BTC-backed credit deal with Galaxy Digital.
Argo Blockchain has signed another loan deal with Galaxy Digital LP, using the mining firm’s Bitcoin (BTC) as collateral.
According to an announcement by the London Stock Exchange on Friday, the new Bitcoin-backed loan agreement is to the tune of 18.05 million pounds (about $25 million).
As previously reported, Argo previously engaged into a $20 million BTC-backed credit agreement with Galaxy Digital in June.
The Bitcoin miner situated in the United Kingdom is said to be consolidating both loans into one for a total of $45 million.
As part of the transaction, Argo will use the new funds to support its Texas growth aspirations.
The company purchased a 320-acre property tract in Texas in March, which will purportedly house a 200-megawatt Bitcoin mining operation.
Argo Blockchain is also able to grow its accessible capital by acquiring a Bitcoin-backed loan without having to liquidate mined BTC.
If positive predictions for Bitcoin’s price by the end of the year come true, the corporation might earn a big yield by hodling the BTC balance, which means paying less US dollars per Bitcoin during the payback process.
The company also noted that it is pleased to continue working with Galaxy Digital as a finance partner.
Earlier in September, UK Investor Magazine reported that Argo held 1,659 BTC on its balance sheet at the start of the month.
According to reports, the Bitcoin mining behemoth mined 206 BTC in August, raising its year-to-date total to 1,314 “coins.” Argo now owns around $77 million in Bitcoin at the current price.
Argo’s expansion into the United States is also reminiscent of the East-West hash rate shift that has occurred in the aftermath of China’s crypto mining crackdown this summer. Several well-known Bitcoin miners are expanding their operations in North America.