Texas might be quickly working its way to becoming the next China in terms of crypto mining operations. Argo Blockchain, a U.K.-based bitcoin mining firm, has secured a $20 million loan to build its facility in Texas.
Argo took the loan from crypto financial services company Galaxy Digital. The six-month loan is also backed by part of Argo’s BTC holdings, meaning that it won’t have to dispose of any of its Bitcoin holdings for the expansion.
The Texas expansion plan was announced by Argo back in February, stating that it had entered into a non-binding letter of intent with DPN LLC of New York to acquire 320 acres of land in West Texas to build a 200-megawatt (MW) facility. The firm stated that it would raise $17.5 million from the issuance of new shares and also take a $100 million “pre-negotiated” loan for the facility.
The Bitcoin mining firm already has three mining facilities in Canada with a combined capacity of 35 MW.
Speaking of Texas, the region is becoming a hotspot of crypto activities. Last month, Marathon Digital Holdings, one of the largest enterprise Bitcoin self-mining firms, announced its plans to deploy around 73,000 BTC miners at a new data center in Texas.