Argo Blockchain has secured another loan agreement from Galaxy Digital LP with the mining business firm's Bitcoin (BTC) every bit collateral.

According to an announcement by the London Stock Exchange on Fri, the new Bitcoin-backed loan agreement is to the tune of 18.05 million pounds (nearly $25 meg).

As previously reported by Cointelegraph, Argo entered into a prior BTC-backed loan agreement with Galaxy Digital for $20 one thousand thousand back in June.

The Uk-based Bitcoin miner will reportedly coil upwards both loans into one for a combined sum of $45 1000000.

As part of the understanding, Argo volition utilize the fresh uppercase 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 increment its available capital without needing to liquidate mined BTC.

If bullish projections nigh the price of Bitcoin past the end of the year also testify to be truthful, then the company could earn a significant yield by hodling the BTC sum, which will mean paying fewer United States dollars per Bitcoin during the repayment process.

The company also stated that it is delighted to proceed its business relationship with Milky way digital every bit a financing partner.

Related: Crypto miner Argo Blockchain goes 'climate positive' on greenhouse gas emissions

Before in September, UK Investor Mag reported that Argo held 1,659 BTC on its balance sheet at the commencement of the month.

The Bitcoin mining giant reportedly mined 206 BTC in August, bringing its year-to-date tally to i,314 "coins." At the current toll of Bitcoin, Argo holds about $77 million worth of Bitcoin.

Argo'due south U.S. expansion is also indicative of the Eastward-West hash rate migration in the wake of China's crypto mining crackdown in the summertime. Several high-contour Bitcoin miners are at present building greater chapters in North America.