Fun

Bitcoin Miner Argo Blockchain Sells Helios Facility to Galaxy Digital for $65 Million, Galaxy to Host Argo’s ASIC Fleet in Texas

News Feed - 2022-12-29 09:12:22

Bitcoin Miner Argo Blockchain Sells Helios Facility to Galaxy Digital for $65 Million, Galaxy to Host Argo"s ASIC Fleet in Texas


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. Galaxy Digital Purchases Texas Data Center From Argo Blockchain, Company Hopes Transactions Will ‘Enable the Company to Continue Operations’


Galaxy Digital is giving Argo Blockchain (Nasdaq: ARBK) 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.


Galaxy has also agreed to host Argo’s 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.


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’s machines located at the Helios facility in Texas and some in Quebec.


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


Argo insists the transactions with Galaxy will “strengthen Argo’s balance sheet, improve Argo’s liquidity position, and enable the company to continue operations.” Argo’s 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.


The publicly-listed bitcoin miner also acknowledged the suspension 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 “certain mining machines and other assets located in Quebec” that are backing its new loan, are “not affected by the agreements with Galaxy.”


Further, Argo also disclosed that its earning results from the third quarter will not be reported “in light of the transaction with Galaxy,” 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’s crypto winter. Tags in this story Argo Blockchain, Bitcoin (BTC), Bitcoin mining, Bitcoins, Bitmain Machines, Bitmain S19J Pros, BTC, BTC Mining, deal with Galaxy Digital, Galaxy Digital, Helios Facility, loan, loans, mining, Mining Bitcoins, nydig, Troubled bitcoin miners, Troubled Miners


What do you think about Argo Blockchain’s deal with Galaxy Digital? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie 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. Publicly-Listed Bitcoin Miner Argo Blockchain Suspends Nasdaq Trading MINING | 1 day ago Bitcoin Mining Pool Btc.com Suffers $3 Million Cyberattack MINING | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleFTX Co-Founder Faces ‘No-Nonsense’ Judge Next Week, Report Says SBF ‘Expected to Enter a Plea’ in Fraud Case Next articleMicrostrategy Buys More Bitcoin — Company’s Crypto Holdings Grow to 132,500 BTC Disclaimer: 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 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. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards


Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

News Feed

Dubai Government Licensing Entity Now Accepts Bitcoin for Payments
Dubai Government Licensing Entity Now Accepts Bitcoin for Payments A government-owned entity in Dubai has started accepting bitcoin, ether and tether as payment
Tom Mitchelhill7 hours ago‘I give it six to eight weeks’ — Critics warn friend.tech hype won’t lastMost crypto industry heavyweights have been bullish about the new decentralized social media app friend.tech, but
Yashu Gola11 hours agoWhy is Shiba Inu price up today?Shiba Inu is up today as traders assess its inclusion in BitPay’s new bill payment service.6172 Total views22 Total sharesListen to article 0:00Altcoin WatchJoin us
Charles Hoskinson questions AI’s censorship and selective training
Savannah Fortis14 hours agoCharles Hoskinson questions AI’s censorship and selective trainingCharles Hoskinson, co-founder of Cardano, raises concerns over AI censorship and the selective training of AI systems at the
How acclaimed composer Hans Zimmer got to write a crypto theme song
Savannah Fortis12 hours agoHow acclaimed composer Hans Zimmer got to write a crypto theme songThe iconic film composer Hans Zimmer has collaborated with Tron to create a theme song for the Web3 generation, blending his s
Kevin O’Leary, Bill Ackman Slammed for Defending Sam Bankman-Fried — ‘I Think SBF Is Telling the Truth’
Kevin O"Leary, Bill Ackman Slammed for Defending Sam Bankman-Fried — "I Think SBF Is Telling the Truth" Shark Tank star Kevin O’Leary and billionaire hedge fund manager Bil
Tehran Stock Exchange Head Resigns Over Mining Rigs Found at Organization’s Office
Tehran Stock Exchange Head Resigns Over Mining Rigs Found at Organization’s Office The director of Tehran’s Stock Exchange has resigned from his post following the discove
Bitcoin Holds Above $90K – On-Chain Data Reveals Key Demand Levels
Este artículo también está disponible en español. Bitcoin recently saw a 9% retrace from its all-time high of $99,800, narrowly missing the psychological $100K milestone.
Tom Blackstone2 hours agoOpen-source advocates launch OP Stack testnet to fund public goodsThe Public Goods Network from Gitcoin promises to redirect most net sequencer fees into public goods, instead of giving them to t
Nigerian Central Bank Seeks New CBDC Tech Partner — Bank Urged to Improve E-Naira User Experience
Nigerian Central Bank Seeks New CBDC Tech Partner — Bank Urged to Improve E-Naira User Experience More than a year after it launched its central bank digital currency with partne
Mature Bitcoin Wealth Taps an All-Time High — Diamond Hands Trend Highlights ‘Refusal to Spend’
Mature Bitcoin Wealth Taps an All-Time High — Diamond Hands Trend Highlights ‘Refusal to Spend’ After bitcoin neared $25K roughly 44 days ago, the crypto asset’s price
ZK-proofs introduce security challenges for developers
Robert D. Knight9 hours agoZK-proofs introduce security challenges for developersZK-proofs are marketed as a miracle cure for many of blockchain’s ills, but some less discussed side effects are introducing fresh risks.