To avoid bankruptcy, Argo Blockchain had to sell the Helios facility. The company also received a $35 million loan. Following the suspension of trading on the NASDAQ, the company announced in a press release that it was selling the Helios facility to Galaxy Digital Holding for $65 million.
Argo promises to reduce total debt by $41 million, improve liquidity and simplify the operating structure. However, the restructuring was primarily carried out in order to preserve operations. Mining devices remain at the Helios site and continue to be used.
Located in Dickens County, Texas, the Helios facility includes approximately 50,000 mining rigs spread over an area of 11,000 square meters with a capacity of 200 megawatts. Argo Blockchain, like other miners, has experienced financial difficulties over the past few months. The reasons for this were the fall in the price of bitcoin and the rise in energy prices.
Image: CMC Markets