London-based digital currency mining platform, Argo Blockchain has filed an application with the US Securities and Exchange Commission (SEC) to offer $57.5 million price of 8.75% senior unsecured notes to investors.
Per the filing, the senior unsecured notes are billed to mature on November 30, 2026, and the proceeds are billed to be pushed into finishing the corporate’s Bitcoin mining facility in West Texas.
Argo Blockchain has been making an emphatic transfer into the North American market in the past few years, citing a budget and renewable energy sources out there in various areas in the region. The acquisition and development of the West Texas facility have pushed the agency to secure loans from Galaxy Digital on two different events – in June and September – using its Bitcoin holdings as collateral.
Going by the company’s filing, it said it holds as a lot as 2,128 BTC, most of which had been mined from its amenities. Nonetheless, based mostly on the agency’s notion of Bitcoin as an excellent retailer of worth, it will slightly resort to securing a mortgage slightly than liquidating its coin holdings. The completion of the West Texas facility will provide as much as 800MW of energy for Argo Blockchain’s future operations, and the agency takes pride in that the facility will run on renewable energy, alleviating the issues of climate impression its operations can spur.
“We imagine that as cryptocurrency continues to develop as an emerging store of worth and medium of trade, it’s more and more vital that this asset class evolves in an environmentally and socially responsible method. We’re dedicated to being the industry leader within the development of environmentally responsible approaches to cryptocurrency mining,” the corporate mentioned in its submitting.
The broad moves by Argo Blockchain to bolster its mining capabilities come on the heels of a shift in hashrate dominance to the USA as China sent miners packing earlier within the year. Argo Blockchain seeks to place for a future during which mining will develop into sustainable and worthwhile across the board. The proposed $57.5 million funding can even be used to bankroll the acquisition of new mining {hardware} for the new facility which is billed to be operational in 2022.
Source: Blockchain News
