{"id":15926,"date":"2022-12-29T05:02:09","date_gmt":"2022-12-29T05:02:09","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-miner-argo-blockchain-sells-helios-facility-to-galaxy-digital-for-65-million-galaxy-to-host-argos-asic-fleet-in-texas-mining-bitcoin-news\/"},"modified":"2022-12-29T05:02:09","modified_gmt":"2022-12-29T05:02:09","slug":"bitcoin-miner-argo-blockchain-sells-helios-facility-to-galaxy-digital-for-65-million-galaxy-to-host-argos-asic-fleet-in-texas-mining-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-miner-argo-blockchain-sells-helios-facility-to-galaxy-digital-for-65-million-galaxy-to-host-argos-asic-fleet-in-texas-mining-bitcoin-news\/","title":{"rendered":"Bitcoin Miner Argo Blockchain Sells Helios Facility to Galaxy Digital for $65 Million, Galaxy to Host Argo’s ASIC Fleet in Texas \u2013 Mining Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n<\/div>\n

After the publicly-listed bitcoin mining firm Argo Blockchain suspended trading on Nasdaq and the London Stock Exchange, the company said it would follow up the next day with an announcement. The following day, on Dec. 28, 2022, Argo detailed it is selling its Helios facility to Galaxy Digital for $65 million, and the financially troubled business plans to refinance asset-backed loans with a new $35 million loan that stems from Galaxy.<\/strong><\/p>\n

Galaxy Digital Purchases Texas Data Center From Argo Blockchain, Company Hopes Transactions Will \u2018Enable the Company to Continue Operations\u2019<\/h2>\n

Galaxy Digital is giving Argo Blockchain (Nasdaq: ARBK<\/a>) some fresh liquidity, according to a press announcement published by Argo on Wednesday, Dec. 28, 2022. Argo detailed that it is selling its Helios facility to Galaxy for $65 million.<\/p>\n

Galaxy has also agreed to host Argo\u2019s fleet of Bitmain-manufactured S19J Pro bitcoin miners at the Helios facility. The Helios facility is located in Dickens County, Texas and the transaction between Argo and Galaxy is expected to settle on Dec. 28.<\/p>\n

Argo further disclosed that Galaxy is providing the firm with a loan of $35 million with a term of 36 months. The financing is backed by a collateral package of Argo\u2019s machines located at the Helios facility in Texas and some in Quebec.<\/p>\n

The collateral package equates to 23,619 Bitmain S19J Pro bitcoin mining machines. A number of Argo\u2019s debts are shown to be tied to the firm NYDIG, according to the announcement published on Wednesday morning (ET).<\/p>\n

Argo insists the transactions with Galaxy will \u201cstrengthen Argo\u2019s balance sheet, improve Argo\u2019s liquidity position, and enable the company to continue operations.\u201d Argo\u2019s stock jumped on the news, and it increased 13.55% from $0.59 to the current $0.67 per share at 11:30 a.m. (ET) on Dec. 28.<\/p>\n

The publicly-listed bitcoin miner also acknowledged the suspension<\/a> of ARBK share trading on Dec. 27 and detailed that ARBK trades on Nasdaq and the London Stock Exchange were now open. The company noted that its Canadian assets, except for \u201ccertain mining machines and other assets located in Quebec\u201d that are backing its new loan, are \u201cnot affected by the agreements with Galaxy.\u201d<\/p>\n

Further, Argo also disclosed that its earning results from the third quarter will not be reported \u201cin light of the transaction with Galaxy,\u201d the bitcoin mining operation concluded. Argo Blockchain is one of a handful of publicly-listed bitcoin mining operations that have dealt with financial shortcomings during 2022\u2019s crypto winter.<\/p>\n

\n
\nTags in this story
\n<\/h6>\n
Argo Blockchain<\/a>, Bitcoin (BTC)<\/a>, Bitcoin mining<\/a>, Bitcoins<\/a>, Bitmain Machines<\/a>, Bitmain S19J Pros<\/a>, BTC<\/a>, BTC Mining<\/a>, deal with Galaxy Digital<\/a>, Galaxy Digital<\/a>, Helios Facility<\/a>, loan<\/a>, loans<\/a>, mining<\/a>, Mining Bitcoins<\/a>, nydig<\/a>, Troubled bitcoin miners<\/a>, Troubled Miners<\/a><\/div>\n<\/div>\n

What do you think about Argo Blockchain\u2019s deal with Galaxy Digital? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

\n
\n<\/div>\n
\n
\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n