Bitcoin miner Argo Blockchain agreed to promote its Helios mining facility to Galaxy Digital for $65 million.
The corporate has been making an attempt to keep away from chapter because it struggles with money movement points alongside a superb a part of the trade. Excessive power prices mixed with decrease bitcoin costs and rising issue have contributed to a lack of revenue and squeezed margins.
Argo warned buyers in October that it will want further capital to maintain operations going for the subsequent few months after a deal fell by means of.
The miner was quickly suspended from buying and selling on the London Inventory Trade earlier this month after by accident posting it had filed for chapter safety. Buying and selling was once more suspended on Nasdaq Tuesday in anticipation of the announcement.
The bitcoin mining trade has seen revenue margins shrink over the previous few months. In September, bitcoin mining internet hosting firm Compute North filed for chapter. Final week, big Core Scientific additionally filed for Chapter 11 chapter safety.