To keep away from chapter, Argo Blockchain needed to promote the Helios facility. The corporate additionally acquired a $35 million mortgage. Following the suspension of buying and selling on the NASDAQ, the corporate introduced in a press launch that it was promoting the Helios facility to Galaxy Digital Holding for $65 million.
Argo guarantees to scale back complete debt by $41 million, enhance liquidity and simplify the working construction. Nonetheless, the restructuring was primarily carried out in an effort to protect operations. Mining gadgets stay on the Helios website and proceed for use.
Situated in Dickens County, Texas, the Helios facility consists of roughly 50,000 mining rigs unfold over an space of 11,000 sq. meters with a capability of 200 megawatts. Argo Blockchain, like different miners, has skilled monetary difficulties over the previous few months. The explanations for this have been the autumn within the value of bitcoin and the rise in power costs.
Picture: CMC Markets
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