Bitcoin Industry

2021-09-10 20:00:46 ​Argo Blockchain secures $25M Bitcoin-backed loan from Galaxy Digital.

The Bitcoin mining giant has entered into another BTC-backed loan agreement with Galaxy Digital as it pursues further operational expansions.

Argo Blockchain has secured another loan agreement from Galaxy Digital LP with 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 by Cointelegraph, Argo entered into a prior BTC-backed loan agreement with Galaxy Digital for $20 million back in June.

The United Kingdom-based Bitcoin miner will reportedly roll up both loans into one for a combined sum of $45 million.

As part of the agreement, Argo will utilize the fresh capital influx to support its expansion efforts in Texas.

In March, the company purchased a 320-acre land plot in Texas that will reportedly host a 200-megawatt Bitcoin mining facility.

By securing a Bitcoin-backed loan, Argo Blockchain is also able to increase its available capital without needing to liquidate mined BTC.

If bullish projections about the price of Bitcoin by end of the year also prove to be true, then the company could earn a significant yield by “HODLing” the BTC sum which will mean paying fewer U.S. dollars per Bitcoin during the repayment process.

The company also stated that it is delighted to continue its business relationship with Galaxy digital as a financing partner.

Earlier in September, UK Investor Magazine reported that Argo held 1,659 BTC on its balance sheet at the start of the month.

The Bitcoin mining giant reportedly mined 206 BTC in August to bring its year-to-date tally to 1,314 “coins.” At the current price of Bitcoin, Argo holds about $77 million worth of Bitcoin.

Argo’s U.S. expansion is also indicative of the East-West hash rate migration in the wake of China’s crypto mining crackdown in the summer. Several high-profile Bitcoin miners are now building greater capacity in North America. Open / Comment

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2021-09-09 13:52:09 https://twitter.com/wsgtoken/status/1435898445211086848 Open / Comment

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2021-09-07 20:00:36 ​Russia not ready to accept Bitcoin as legal tender, says Kremlin.

The Russian government keeps insisting that payments in cryptocurrencies like Bitcoin would ruin its financial system.

Amid El Salvador officially accepting Bitcoin (BTC) as legal tender on Tuesday, Sept. 7, the Russian government has reiterated its negative stance to a scenario where BTC could be accepted as an official currency.

Dmitry Peskov, the official representative of Russian President Vladimir Putin, claimed that Russia has no reason to recognize Bitcoin as legal tender, local news agency RIA Novosti reported on Tuesday.

The Kremlin representative argued that putting cryptocurrencies like Bitcoin in line with traditional money instruments would bring nothing but detriments to the country’s financial and economic system.

“Clearly, Russia is not ready for such moves,” Peskov reportedly declared.

Peskov’s latest remarks come in line with the Russian government’s long-running skeptical approach to Bitcoin, echoing a similar statement by Anatoly Aksakov, a member of the State Duma and a key architect of Russia’s ban on cryptocurrency payments. Last August, Aksakov argued that accepting cryptocurrency as payment would essentially mean the “destruction of a financial system.”

Russia officially banned cryptocurrency payments in the country as part of the country’s major crypto law, “On Digital Financial Assets,” in January 2021. The law does not prohibit Russians from purchasing or trading cryptocurrencies like Bitcoin. In May 2021, some Russian lawmakers were reportedly weighing a partial reversal of the crypto payment ban, considering amendments to allow crypto payments as a “contractual medium.” Open / Comment

2021-09-07 13:10:17 https://twitter.com/wsgtoken/status/1435146708715982849 Open / Comment

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