Applied Blockchain, the blockchain hosting provider, secures loan from a North Dakota bank.

The blockchain hosting provider Applied Blockchain (APLD) has secured a loan of $15 million. The funds will be used to repay existing debt and to build data centres.

“Our internal finance team has worked diligently over the past year to expand our construction financing options, which resulted in what we believe is industry leading low-cost of debt capital.”- Wes Cummins, CEO$APLD #APLD #wescummins https://t.co/L5O6kljXJz

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

The North Dakota-based company announced the loan with an unnamed bank in North Dakota (USA). For the first 13 months the interest rate will be 1.5%, for the remainder of the term — 6.5%.

“The new credit line […] provides additional capital to fund our growth plans and meet growing client demand,” said Wes Cummins, chairman and chief executive of the firm.

The 100 MW mining facility is located in Jamestown, North Dakota. Earlier, the company said the facility had been partially shut down “due to an unexpected equipment failure at the substation.” Applied Blockchain had pledged to resume operations in early September.

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

Under the agreement, Applied Blockchain granted the partner the option to increase capacity by an additional 70 MW at the North Dakota data centre if needed.

Most public mining companies in June began selling bitcoin holdings, liquidating 14,600 BTC.

In July the trend continued: miners sold 5,767.9 BTC with a total mined of 3,478 BTC.

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