Mining service must sell mining facilities
To avoid insolvency, Argo Blockchain had to sell its Helios mining facility.
To avoid insolvency, Argo Blockchain had to sell its Helios mining facility. The company also received a loan of 35 million US dollars.
After halting trading on NASDAQ, the company has now announced in a press release that it is selling the Helios facility to Galaxy Digital Holding for $65 million. The Helios facility in Dickens County, Texas, includes about 50,000 miners across more than 11,000 square meters, with a capacity of 200 megawatts. That makes it the largest site for the company.
Moreover, Argo Blockchain secured a $35 million loan from Galaxy Digital, Mike Novogratz's company. View post on X to reduce its total debt by $41 million, improve its liquidity, and simplify its operating structure. But primarily, the restructuring was carried out to keep operations going at all.
The miners remain at the Helios site and will continue to be used. Argo CEO Peter Wall weighs in with a video statement here.
Argo Blockchain was, like other miners, facing financial difficulties in recent months. The reasons were falling bitcoin prices and rising energy costs.
