Blockchain hosting provider Applied Blockchain (APLD) has received a $15 million loan. The funds will be used to pay off existing debt and build data centers.

“Our internal finance team has worked diligently over the past year to expand our construction finance options, resulting in what we believe is the industry’s leading low-cost debt equity.” – Wes Cummins, CEO$APLD #APLD #wescummins https://t.co/L5O6kljXJz

— Applied Blockchain Inc (@APLDBlockchain) August 12, 2022

The company signed an agreement with an unnamed bank in the state of North Dakota (USA). For the first 13 months, the interest rate will be 1.5%, for the remaining period – 6.5%.

“New credit limit […] provides additional capital to finance our growth plans and meet growing customer demand,” said Wes Cummins, the firm’s president and CEO.

The 100 MW APLD mining center is located in Jamestown, North Dakota. The company had previously said that the plant was partially offline “due to an unexpected equipment failure at the substation.” Applied Blockchain promised to resume operation in early September.

In July, APLD agreed with Marathon Digital Holdings to provide approximately 200 MW for deployed miners. The provider will host approximately 66,000 devices at its facilities in Texas and North Dakota, with a total hash rate of approximately 9.2 EH/s.

As part of the deal, Applied Blockchain gave the partner the opportunity to increase capacity by another 70 MW in its data center in North Dakota if needed.

Recall that in June, most public mining companies started selling their Bitcoin reserves and liquidated 14,600 BTC.

In July, the trend continued, with miners mining 5767.9 BTC for a total of 3478 BTC.

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