Facebook X (Twitter) LinkedIn Telegram
    • About
    • Advertise
    • Submit Press Release
    • Contact
    Facebook X (Twitter) LinkedIn Telegram
    BlockonomiBlockonomi
    • Prices
      • All Coins
      • Bitcoin Price
      • Ethereum Price
      • Ripple Price
      • EOS Price
      • Litecoin Price
      • Monero Price
      • Binance Coin Price
      • Bitcoin Cash Price
      • Chainlink Price
      • Cardano Price
      • Stellar Price
      • Tron Price
    • Sections
      • All
      • Analysis
      • Bitcoin
      • Ethereum
      • Education
      • Trading
      • Buying
      • DeFi
      • NFTs
      • Metaverse
      • Exchanges
      • Brokers
      • Guides
      • Gaming
      • Privacy
      • Business
      • Finance
      • Fintech
      • Regulation
      • Security
    • Claim Free Crypto!
    • Gamble With Crypto!
    • Easily Buy Crypto!
    Home / About / Advertise / Submit Press Release
    BlockonomiBlockonomi
    Mining

    Argo Blockchain Takes on $20mln Loan to Buildout Texas Mining Operation

    The UK-based Bitcoin miner Argo Blockchain has secured a loan from Galaxy Digital to build out its planned Texas Bitcoin mining operations.
    Nicholas SayBy Nicholas SayJuly 1, 2021No Comments4 Mins Read
    Telegram Twitter LinkedIn WhatsApp Facebook Email
    Bitcoin Mining
    Share
    Facebook Twitter LinkedIn Email Telegram WhatsApp

    The UK-based Bitcoin miner Argo Blockchain has secured a six month loan from Galaxy Digital to build out its planned Texas Bitcoin mining operations.

    Argo was able to use its Bitcoin holdings to secure the loan, which means it can maintain its holdings, and still expand its mining operations.

    According to an announcement made earlier this year, Argo was planning to raise $17.5mln from new equity issuance, and secure a $100 million loan.

    The deal with Galaxy seems to have taken care of the capital raise that was going to be covered by equity issuance, but the miner may need a little more cash to complete its project.

    Argo isn’t a new face in the Bitcoin mining industry. It already has three mining operations in Canada, and this new Texas operation will be its fourth. So far Argo’s use of capital has been wise from the perspective of the share markets.

    The company is publicly listed on the London Stock Exchange, and has seen its share price lag compared to other Bitcoin miners, such as Marathon Patent Group, and Riot Blockchain.

    On the other hand, it is up nearly 10x since it was listed in 2018, in which time Bitcoin has risen almost 4x.

    Lots of Room for Argo’s Expansion

    Table of Contents

    • Lots of Room for Argo’s Expansion
    • More Coming in the World of Bitcoin Mining
    • Larger Operations are Likely Coming

    While the equity markets may not be in love with Argo’s shares at the moment, it had no problem securing funds to keep expanding its business.

    With cash in hand, Argo is ready to help fill in the Bitcoin mining gap that was recently created by new Chinese government action.

    With almost all of the Chinese Bitcoin miners looking for greener pastures, new mining development projects that ensure a strong and reliable global Bitcoin network are likely to be welcomed by Bitcoin investors.

    It is also interesting to see Argo’s use of Bitcoin as collateral for a fiat loan, which makes its mining activities far more valuable from the perspective of future financing efforts.

    From the standpoint of Argo shareholders it is also a big win, as the company hasn’t needed to dilute the existing shareholder base.

    More Coming in the World of Bitcoin Mining

    The Chinese government’s move to all but banish Bitcoin from the Middle Kingdom may have far-reaching effects in the Bitcoin market from this point forward.

    China was one of the first nations to make Bitcoin development a priority, and many of today’s most influential exchanges can trace their roots to Chinese developers.

    The money invested in the Bitcoin mining operations that are now looking for a new home is likely substantial.

    In addition to the earnings that are possible to create with Bitcoin mining, the talented staff at a Bitcoin mining company can also be a boon to energy-rich nations.

    Countries like Iran and Russia have already created Bitcoin mining operations that have quasi-official status with the government.

    It may come as a surprise, but there is actually a tremendous amount of energy that is wasted at commercial energy production facilities.

    With a new boom in Bitcoin mining, comes the ability for nations to tap into wasted energy, and create an asset that is 100% liquid on the global market.

    Larger Operations are Likely Coming

    Another factor to consider is that unlike the early days of cryptos, numerous platforms now need to have a global mining network to ensure their safe and orderly operation.

    We simply don’t know which platforms will be in-use a decade from now, but it seems likely that platforms like Ethereum, Cardano, Polkadot…and even Doge will be used, and also as good as fiat currency (or better in some cases).

    All of these totally liquid tokens can be mined in some form or another, and DeFi-ready platforms also offer holders the ability to gain from staking.

    Making a return on capital at a bank, or even in the bond market is as difficult as it has ever been, which may create added demand in the crypto mining space.

    Advertise Here
    Nicholas Say
    • LinkedIn

    Nicholas Say was born in Ann Arbor, Michigan. He has traveled extensively, lived in Uruguay for many years, and currently resides in the Far East. His writing can be found all over the web, with special emphasis placed on realistic development, and the next generation of human technology.

    Related Posts

    Bitcoin Wallet Provider Throws Censorship Allegations Against Ocean Mining Pool

    December 7, 2023

    Canaan Launches New Bitcoin Miners in Middle East: Eyes Regional Blockchain Opportunities

    October 25, 2023

    Revolutionizing Cloud Mining With Leading Super Computing Power: Tokencoin’s User-Centric Approach And Diverse Product Plans

    September 26, 2023

    Comments are closed.

    Coinbase Earn
    Advertise Here
    Gambling
    • mBit Casino
      VisitReview
    • BC Game
      VisitReview
    • Duelbits
      VisitReview
    • BitcoinCasino
      VisitReview
    • FortuneJack
      VisitReview
    • 1xBit
      VisitReview
    Exchanges
    • KuCoin
      VisitReview
    • Coinbase
      VisitReview
    • Binance
      VisitReview
    • PrimeXBT
      VisitReview
    Koinly
    Advertise Here
    Trading Bots
    • 3Commas
      VisitReview
    • Cryptohopper
      VisitReview
    • CoinRule
      VisitReview
    3commas Trading Bot
    Advertise Here
    All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.
    Blockonomi™ Copyright © 2017 - 2023 Kooc Media Ltd. All rights reserved. Registered Company No.05695741
    Network: Moneycheck - Finance News / Beanstalk - NFT & Metaverse News
    • About
    • Contact
    • Deals
    • Advertise
    • Privacy Policy
    • Terms & Conditions

    Type above and press Enter to search. Press Esc to cancel.