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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 whole debt by $41 million, enhance liquidity and simplify the working construction. Nevertheless, the restructuring was primarily carried out in an effort to protect operations. Mining units stay on the Helios web site and proceed for use.
Positioned in Dickens County, Texas, the Helios facility contains 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 had been the autumn within the value of bitcoin and the rise in vitality costs.
Picture: CMC Markets
