Arctos Capital, a commercial lender with offices in San Francisco, CA, and Calgary, AB, has closed another equipment financing transaction to help leading Bitcoin Mining firms bring more hashpower to North America. The $6.5M transaction financed the purchase of MicroBT Whatsminer Mining Servers, which will be operated at Bitfury’s facility in Alberta, Canada.
Trevor Smyth, Managing Partner at Arctos Capital, said, “The experienced team operating this facility has been successfully mining bitcoin, at scale, for many years. The facility has optimized their power costs to a very competitive rate, and will be set up to generate very attractive returns with this new equipment.”
Tyler Page, Head of Business Development at Bitfury, said, “We are very excited to partner with the accomplished team at Arctos Capital on this upgrade to our facilities in Alberta. This upgrade further solidifies our position as the market leader in bitcoin mining, and is only the beginning of our expansion plans in North America.”
Arctos Capital’s team believes that the bitcoin mining industry presents an attractive opportunity to generate yield through secure equipment financing transactions. The firm plans to scale aggressively throughout the rest of 2020 and into 2021.
This transaction follows previously announced deals that Arctos has funded with a large U.S. client, Core Scientific and Blockware Mining.