Bitcoin mining company Argo Blockchain will sell its Helios mining facility in Texas to Galaxy Digital for $65 million.
The challenging processes in the crypto money market continue to negatively affect crypto organizations. By the end of the year, it was observed that the crypto winter was not over yet. Bitcoin miners were among the organizations affected by these processes. Many Bitcoin miners are on the verge of bankruptcy due to falling earnings and liquidity problems. Argo Blockchain stated that it was under the influence of difficult processes and could file for bankruptcy. However, Galaxy Digital played a savior role by acquiring the Helios facility from Argo.
Argo Blockchain on the Verge of Bankruptcy Signs Sales Agreement with Galaxy Digital
Bitcoin miner Argo Blockchain, which was on the verge of bankruptcy after the FTX events, reached an agreement with Galaxy Digital. The Bitcoin miner will sell its production facility to Galaxy Digital to meet its liquidity needs.
After this sale, Argo will be able to avoid filing for bankruptcy protection. In addition, the Bitcoin miner, who will have the opportunity to restructure, will be able to use a loan of 35 million dollars.
“For the past few months, we’ve been looking for a way to continue mining in the bear market, reduce our debt load, and maintain access to the unique power grid in Texas,” said Argo CEO Peter Wall. Wall underlined that this agreement with Galaxy Digital achieved its goals. In addition, the CEO expressed that this agreement gives a new chance to fight another day.
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